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Tuesday, February 6, 2018
Aminex advised that RPS Energy Consultants Ltd. completed a Competent Person’s Report (CPR) over the company’s entire Tanzania asset base. RPS’ findings have led to a significant resource upgrade. This result, taken together with the results of the Ntorya Gas Commercialization Study prepared by io oil & gas consulting in 2017, confirms the feasibility of developing the Ntorya gas field for commercial production.
The principle results show the NtoryaPMean GIIP to have increased to 762.8 Bcf after the results of the Ntorya-2 well. This comprises 80.6 Bcf of contingent resources “Development Pending” from a three well development and 682.2 Bcf of Contingent Resources “Development Unclarified”. According to io’s report, the Ntorya gas development project could be viable with three wells, two of which have already been drilled, producing into a raw-gas pipeline to the Madimba gas plant. The third well, the Ntorya-3 well, is scheduled for drilling this year.
RPS results have the Kiliwani North structure’sPmean GIIP tagged at 30.8 Bcf. Approximately 6.4 Bcf has been produced from the Kiliwani North-1 well. RPS estimates 2P Reserves ascribed to the well, after compression is installed, to be 1.94 Bcf. There is also the Kiliwani South, a new lead identified, as having 57 Bcf Pmean GIIP (management estimate).
The RPS CPR significantly exceeds management estimates published following Ntorya-2 drilling and testing and also exceeds the company’s subsequent upgrade which was reported to shareholders following in-house technical work.
In addition, Aminex is very encouraged by io’s study, which indicates, based on reasonable assumptions, that Ntorya could be developed with three wells, two of which have already been drilled and tested. The io study indicates that an early production system, which will limit upfront capital expenditure and enable cash-flow funded further development, is a realistic and achievable proposition.
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