Aminex PLC Rig Contract Signed for Ntorya-2 (6139K)

TIDMAEX

RNS Number : 6139K

Aminex PLC

23 September 2016

23 September 2016

Aminex plc

("Aminex" or "the Company")

Rig Contract Signed for Ntorya-2

Aminex is pleased to announce that it has executed a rig contract for the drilling of the Ntorya-2 appraisal well in the Ruvuma basin. The Caroil 2 drilling rig is currently on the Ntorya 1 well pad and preparations are underway to mobilize the rig and equipment to the Ntorya 2 pad, which is 1500m away. The contract is for one firm well with an option for a second well.

The Company has a 75% working interest and is the operator of this well, which is positioned approximately 1500m southwest of the Ntorya-1 discovery well, which flow tested at 20 mmcfd with 139 bbls associated condensate. The Company remains on track to spud Ntorya-2 during Q4 2016.

For further information, please contact:

Aminex PLC

Jay Bhattacherjee, Chief Executive Officer [phone]

Max Williams, Chief Financial Officer

Investec Bank plc

Chris Sim [phone]

Davy

Brian Garrahy [phone]

Shore Capital

Jerry Keen [phone]

Camarco

Billy Clegg / Gordon Poole [phone]

Notes to editors

Aminex PLC is a producing company which is premium listed on the London Stock Exchange and primary-listed on the Irish Stock Exchange. The Company's focus is its three licences in Tanzania, where it was one of the first independent oil companies to enter the country in 2002:

Kiliwani North Development Licence (54.575%) Operator

The Kiliwani North Field has been independently ascribed with 28 BCF gross contingent (2C) resource and is currently in production. The Kiliwani North -1 well tested at 40 mmcfd. Gas is sold at the well head in $US at a fixed price and fed directly into the Tanzania's new pipeline infrastructure to Dar es Salaam. As operator, Aminex has control of the production ramp up, work programme and quantity and timing of future capital expenditure.

Ruvuma Production Sharing Agreement (75%) Operator

The Ruvuma acreage includes Aminex's Ntorya-1 onshore Cretaceous gas discovery which has been independently ascribed 70 BCF gross contingent (2C) resource in the Ruvuma Basin. The well tested at 20 mmcfd. Aminex is currently appraising the discovery as well as continuing exploration activity on the licenced area in the prospective Ruvuma Basin.

Nyuni Area Production Sharing Agreement (90%) Operator

The Nyuni Area acreage offers high impact exploration and has been ascribed 4.2 TCF prospective resource. Drilling success in the region based on 3D seismic has been over 90%.

This information is provided by RNS

The company news service from the London Stock Exchange

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September 23, 2016 02:01 ET (06:01 GMT)