Aminex plc (LON:AEX) has announced a major upgrade to the gas resource estimates for the Ntorya project in Tanzania.
The Ntorya discovery is now estimated to have some 466bn cubic feet of mean gas initially in place (GIIP), up from the previous estimate of 153bn cubic feet. The new estimates range from 62bn cubic feet in the more conservative P90 case to 1.13 trillion cubic feet in the P10 scenario.
It follows the successful Ntorya-2 well, drilled earlier this year, with the latest estimates now based upon data from two wells. The estimates do not include any consideration for the adjoining exploration acreage.
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"A tripling of resources in the Ntorya appraisal area is clearly excellent news for shareholders and partners and highlights that the Ruvuma PSA is a basin that is of national importance for Tanzania,” said chief executive Jay Bhattacherjee.
“We continue to work directly with the government to gear the near-term work programme to fast track production to both local industry and ultimately into the national pipeline."
Aminex also highlighted that it is presently working on a revision to its wider basin model which will factor in the potential presence of liquid hydrocarbons for future wells, including a third Ntorya well.
The company noted that it is in the process of applying for a 25-year development license for Ntorya, and it is working with the Tanzanian authorities to be able to fast-track the project’s production.
Aminex owns a 75% interest in the Ntorya project, alongside Solo Oil PLC (LON:SOLO) with the 25%.