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Aminex expects results of Ntorya-1 seismic in Q3 this year


Fully interpreted seismic results from part of the Ntorya-1 discovery in Tanzania are expected in the third quarter of 2014, Aminex (LON:AEX) told its AGM.

Chief executive Jay Bhattacherje told the meeting that the seismic acquisition to appraise the up-dip portion of Ntorya-1, as detailed in the interim management statement earlier this month, is now complete and the overall programme remains on budget and on time.

In 2012 the Ntorya-1 discovery well in the Ruvuma PSA tested 20 MMSCFD together with 139 barrels of associated condensate.

Regarding the KN-1 well at the Kiliwani North gas field, Bhattacherjee will also report that the construction of the regional gas sales line remains on schedule.

"The gas sales agreement for Kiliwani North remains largely complete with no material issues outstanding.

"The board expects the well to begin production in early 2015, a milestone which will mark Aminex's first production in East Africa."

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Price: 0.5 GBX

Market: LSE
Market Cap: £18.85 m

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