Explorers Aminex (LON:AEX) and Solo Oil (LON:SOLO) have been awarded an appraisal licence for their jointly owned Ntorya-1 gas discovery in Tanzania.Granted for a period of two years, the licence allows the pair to embark on a further seismic survey to assess the extent of the Ntorya discovery. They are also allowed sink an appraisal well.
Drilled last year, the Ntorya-1 discovery was tested at a rate of 20mln cubic feet of gas a day with 139 barrels of condensate, making the equivalent of 3,000 barrels of oil.
Independent consultants ISIS estimate there are 1.17 trillion cubic feet of gross unrisked gas in place at Ntorya. A further appraisal would be required to confirm this volume.
The companies said farm-out negotiations with companies willing to fund future development of the licence area continue.
Aminex chairman Brian Hall said: "The gazettal of this new licence is an important stage in appraising a significant discovery at Ntorya which can ultimately be tied into the nearby major new Tanzanian pipeline infrastructure now under construction and due for commissioning end 2014.
"We greatly appreciate the support we are receiving from the Ministry of Energy & Minerals and in turn we are fully supporting the government's efforts to maximise early commercial gas production which can be delivered to a ready market via the new pipeline.”
Independent consultants ISIS estimate there are 1.17 trillion cubic feet of gross unrisked gas in place at Ntorya. A further appraisal would be required to confirm this volume.
Independent consultants ISIS estimate there are 1.17 trillion cubic feet of gross unrisked gas in place at Ntorya. A further appraisal would be required to confirm this volume.
Source: Proactive Investor, reported by Ian Lyall in London UK
Source: Proactive Investor, reported by Ian Lyall in London UK
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