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What price will Aminex be by the end of the year.
Wentworth have signed their gas sales agreement Wentworth Signs Long-term Gas Sales Agreement for Mnazi Bay and Msimbati Gas Fields Tanzania PRESS RELEASE 15 September 2014 Wentworth Resources Limited ("Wentworth" or the "Company") Wentworth Signs Long-term Gas Sales Agreement for Mnazi Bay and Msimbati Gas Fields Tanzania Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed independent, East Africa-focused oil & gas company, announces that it has signed a gas sales and purchase agreement ("Mnazi Bay GSA") with TPDC, along with Mnazi Bay license partners Maurel et Prom ("M&P") and Tanzania Petroleum Development Corporation ("TPDC") (together the "Mnazi Bay Partners"). The Mnazi Bay GSA covers the long-term sale of natural gas from the Mnazi Bay and Msimbati fields in southern Tanzania to the Government owned and operated Mtwara to Dar es Salaam pipeline and Madimba central processing facility ("Pipeline Project"), which is currently under construction and scheduled for completion and commissioning in Q1 2015. Pursuant to the Mnazi Bay GSA, the Mnazi Bay Partners are contracted to supply to the Pipeline Project up to a maximum 80 mmcf/day of natural gas during the first eight months with an option to increase over time to a maximum 130 mmcf/day of natural gas for up to a 17-year supply period. The Mnazi Bay GSA is subject to certain conditions, including the Tanzanian Government providing all necessary approvals and an executed version of payment security agreements prior to delivery of first gas. The initial delivery is expected to begin during the period 22 January 2015 and 22 April 2015 and be at a fixed price of US$3.00 per mmbtu (approximately US$3.07 per mcf), escalating with United States CPI Industrial index. The gas will be sold and purchased at the inlet to a 16 inch pipeline connecting the Mnazi Bay gas production facility to the Madimba central processing facility. The Mnazi Bay Partners are not responsible for paying a tariff for transporting the gas nor are they paying for any third party processing fees. With a long-term contract in place, the Mnazi Bay Partners will use the time before the commencement of first gas delivery to finalize the design, construct, and commission the necessary surface infrastructure, including separation facilities and flow lines, to tie existing wells into the Pipeline Project. Gas will be produced from the existing four wells in the Mnazi Bay and Msimbati fields and these wells are expected to be capable of producing natural gas sufficient to meet the initial 80 mmcf/day delivery volumes under the Mnazi Bay GSA. Bob McBean, Executive Chairman of Wentworth, commented: "The signing of the Mnazi Bay GSA is a significant advancement in the development of the gas industry and lays the foundation for the future domestic gas development in Tanzania. Additionally, this agreement is a major milestone in Wentworth's gas monetisation strategy to commercialise our discovered gas resources, taking us a step closer to reclassifying our resources to reserves, and is a significant value driver for the Company. I would like to thank all parties involved for the professionalism and dedication shown during the negotiation process." "Following the processing and interpretation of recently acquired high resolution 2D data over the Mnazi Bay and Msimbati gas fields we plan to commence a development drilling programme with the aim of increasing production up to 130mmcf/day. We maintain a strong commitment to exploring for oil and gas in the Ruvuma Basin, within Tanzania and Mozambique, and expect to be in the enviable position of having positive cash flow available to fund both our exploration and development capital programmes in 2015." -Ends- Enquiries: Wentworth Geoffrey Bury, Managing Director [email protected] +1 403 993 4450 Lance Mierendorf, Chief Financial Officer [email protected] +1 403 680 8773 Katherine Roe Head of Investor Relations & Corporate Communications [email protected] +44 7841 087 230 Swedbank First Securities Broker(Norway) +47 23 23 80 00 Ove Gusevik Jarand Lønne Crux Kommunikasjon Investor Relations Adviser (Norway) +47 995 138 91 Jan Petter Stiff Fredrik Eeg Panmure Gordon AIM Nominated Adviser and Broker (UK) +44 (0) 20 7886 2500 Dominic Morley Adam James Tom Salvesen Duncan Monteith FirstEnergy Capital Broker (UK) +44 (0) 20 7448 0200 Majid Shafiq Travis Inlow Investec Broker (UK) +44 (0) 20 7597 4000 Chris Sim Instinctif Partners Investor Relations Adviser (UK) +44 (0) 20 7457 2020 Catherine Wickman Harry Cameron
Check out the Iseq before they fix the mistake.
Here is Davy's opinion DAVY VIEWThe update points to additional gas resource potential on the 75% held Rovuma licence area. This makes an appraisal well more attractive for a potential farm-in partner and also increases the possibility of eventual commercial development of the project.Further upgrade to in-place gas resource estimateA recent update pointed to an increase of in-place gas resource potential from 1.2 TCF (trillion cubic feet) to 1.9 TCF. This has been further increased to 2.3 TCF in place (Pmean) with additional analysis of the newly acquired 2D seismic. This is because the analysis points to a southern extension of a sand channel discovered in the more northern Likonde well. This means that a well on the Nytora discovery to the south, if planned properly, could appraise both the Likonde tertiary sand and the deeper cretaceous sand in the Ntorya discovery itself.This has two important implications. Firstly, it should make the prospect more attractive to a potential farm-in partner and secondly, the scale of the resource potential – even assuming just average gas recovery rates – is substantial and bodes well for possible commerciality in the future.
Just very low volume in Dublin that is all. If you try and buy ten thousand shares I am sure it will up to at least six cents.
Malcy's view on Aminex Aminex I have been saying that investors should look out for Aminex since I met up with new-ish CEO Jay Bhattacherjee a couple of months ago and today there is a very positive statement out on the company. In the Ruvuma are the new seismic data on Ntorya extends the potential of the area with reserves now increased to 2.3 TCF. Also the thought is that it combines with the Likonde prospect and for extra good luck Jay says that there is potential for a liquids play into the bargain. Very much one to keep looking at as with funding and supportive shareholders Aminex looks to be in good shape.
More good news Press Release Page 1 of 1 AMINEX PLC (“Aminex†or “the Companyâ€) RUVUMA OPERATIONAL UPDATE Aminex today announces that interpretation of the newly acquired seismic data has extended the potential of the Ntorya appraisal area, and management has further increased its resource estimate to 2.3 TCF (Pmean GIIP) by combining the Ntorya discovery with the adjacent Likonde prospect in its Ruvuma PSC in south-eastern Tanzania. The new interpretation has shown that an additional target exists for an appraisal well that would intersect the Ntorya gas and condensate sands encountered in Ntorya-1 and an extension of the Lower Tertiary sands that were found to have oil and gas shows in the earlier Likonde-1 well to the north. This additional target has further increased the recently announced resource potential from 1.9 to 2.3 Tcf (Pmean GIIP). The Likonde-1 well penetrated 97 metres of net sand with an average porosity of 17% within a 316 metre gross Lower Tertiary sand sequence with hydrocarbon shows and a deeper Jurassic zone, containing 250 metres of stacked sandstones with extensive oil and gas shows. The deeper sandstones were not logged at the time, as the well was prematurely terminated in the deepest objective at 3,647 metres due to the influx of high pressure gas. The new seismic interpretation, using the recently acquired higher quality 2D seismic data, shows that the Likonde prospect comprises two distinct channel sands of which the southern channel extends over the mapped Ntorya Cretaceous gas sand. Ntorya-1, drilled in 2012, did not encounter this Likonde Tertiary sand channel, which lies just north of the well, but discovered a deeper Cretaceous gas sand that tested 20MMcfd with 139 barrels of associated condensate. Participants in the Ruvuma PSA are; Ndovu Resources Ltd (Aminex) 75% (operator) and Solo Oil Plc 25%. Jay Bhattacherjee, Chief Executive Officer commented: “The results of the newly acquired 2014 seismic programme continue to confirm the significant hydrocarbon potential of the Ruvuma PSA. Based on the detailed and ongoing evaluation of the new seismic and well data, we believe there is potential for a liquids play. This would add further value to the discovered gas that would have access to market via the Dar Es Salaam-Mnazi Bay pipeline, which is on schedule to be completed by the year end and runs through our Ruvuma PSA.†For further information: Aminex PLC +44 20 7291 3100 Jay Bhattacherjee, Chief Executive Officer Max Williams, Chief Financial Officer Corporate Brokers Shore Capital Stockbrokers-Jerry Keen +44 20 7408 4090 Davy Corporate Finance-Brian Garrahy +35 3 1679 7788 GMP Securities Europe LLP-Rob Collins +44 20 7647 2816 Yellow Jersey PR (Financial PR) +44 7768 537 739 Dominic Barretto Kelsey Traynor 11 September 2014