Just an update from Aminex operator of Nyuni,they seem confident and pleased with it's progress...
AMINEX PLC
INTERIM MANAGEMENT STATEMENT - THIRD QUARTER 2010
Aminex PLC ("Aminex" or the "Company"), the oil and gas company listed in London and Dublin, today issues its Interim Management Statement ("IMS") for the period 1 July 2010 to the date of this statement in accordance with the EU's Transparency Directive which requires certain listed companies to provide periodic updates to the capital markets in addition to their existing reporting requirements.
TANZANIA
Nyuni PSA - Kiliwani North gas field ('BCF gas' refers to billions of cubic feet of gas in place):
Recent mapping based on new seismic data acquired in 2009 shows the structure on which the Kiliwani North discovery was made to be technically robust. An independent assessment of Kiliwani North calculates that it contains 45 BCF gas on a Pmean basis and Aminex calculates that a likely recovery factor will be 73-83% of gas originally in place. A formal development plan has been submitted to the Tanzanian authorities and certain outstanding issues between the pipeline operator and government concerning an expansion project for the Songo-Songo gas treatment plant have now been satisfactorily resolved so that detailed engineering work is now proceeding. This should provide a sales route for gas to be produced from the Kiliwani North gas field to the Songo-Songo plant (about 2.5 kms in a straight line or 3 kilometres if a pipeline follows the existing road). This will make Kiliwani North economically viable and discussions with potential buyers for its gas are in progress.
Nyuni PSA - Other prospects: Nyuni-1 was drilled to nearly 4,000 metres in 2004 to test Neocomian reservoirs, but suspended with a wellhead in place after drilling difficulties. A recent independent re-evaluation of this well concludes that sands logged in the shallower Albian/Aptian sands at around 2,600 metres vertical depth could contain 233 BCF gas on a Pmean basis. Although this interval was never tested, Aminex now therefore considers that it has made two gas discoveries on the Nyuni PSA, being Nyuni-1 and Kiliwani North-1, whose contingent resources together aggregate over one quarter of a trillion cubic feet of gas (Pmean basis).
The Nyuni PSA contains significant undrilled prospects, notably the Nyuni prospect itself and the Okuza and Fanjove prospects. Independent consultants have evaluated the prospective resources on these three prospects to aggregate 2.5 trillion cubic feet of gas (Pmean basis) or 4.9 trillion cubic feet of gas (P10 basis). These are significantly larger than the volumes of gas already discovered and, on an order of magnitude basis, comparable with the size of prospects in the Tanzanian deep water areas, but with the benefit of being close to shore and easier to exploit.
Aminex and partners plan to drill a well to test the potential of the Neocomian sandstones in the Nyuni prospect early in 2011, using Nyuni Island as a base.
Aminex (operator) has 50% of the Nyuni PSA and partners are RAK Gas Commission (25%), Key Petroleum (20%) and Bounty Oil (5%).
West Songo-Songo PSA: Progress has been limited so far on this prospective PSA, but Aminex considers it to be a valuable component of its Tanzanian portfolio. A discovery at West Songo-Songo in due course could be tied into a proposed gas gathering hub based around Kiliwani North. Operator Key Petroleum has stated its view that there is potential for one trillion cubic feet of gas at West Songo-Songo.
Aminex and Key Petroleum (operator) each has 50% of this PSA.
KEY Price at posting:
4.3¢ Sentiment: None Disclosure: Held
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