 rose on Monday, after the company announced a major resource upgrade for its Ntorya gas project in Tanzania. ){kind=link}
Shares in Aminex plc (LON:AEX) rose on Monday, after the company announced a major resource upgrade for its Ntorya gas project in Tanzania.
According to a company update, the upgrade to gas resources at the project was part of an independent competent persons report produced by RPS Energy.
The oil and gas company has already seen a promising appraisal well for Ntorya-2, alongside an assessment of well testing, which confirms that the site is feasible for the development of a commercial gas production location.
The project’s gas-initially-in-place increased to 1.87 trillion cubic feet, which is a 44 percent increase upon Aminex’s previous estimates.
The new number represents a 12-fold increase from the last independent report conducted.
Ntorya’s contingent gas resource has now risen to 762.8bn cubic feet of gas, comprising 80.6bn cubic feet of gas that’s described as pending development – to be addressed by the planned initial three well operation.
“The RPS CPR significantly exceeds management estimates published following Ntorya-2 drilling and testing and also exceeds the company’s subsequent upgrade which was reported to shareholders following in-house technical work,” Aminex said in its statement.
Back in January, the company confirmed that it was “actively engaged” with the Tanzanian authorities and third-party engineering firms, as it moved ahead with the development of the Ntorya-3 well.
Aminex is operator of the project, and currently owns 75 percent of Ntorya.
Shares in the London-listed company are currently trading up 17.92 percent, as of 13.19PM (GMT).
Elsewhere in the markets, Weatherly international (LON:WTI) shares soared 14 percent during Monday morning trading, after the mining firm announced that it had entered a binding agreement to increase ownership of China Africa Resources Namibia (CARN) Limited to 90 percent, up from 25 percent.
Weatherly has agreed to acquire all of East China Non-Ferrous Mineral Resources Co Ltd (ECE)’s shares in CARN for US$600,000, in a bid to increase its ownership of CARN to 90 percent.