Sonara
JF-Expert Member
- Oct 2, 2008
- 726
- 70
LONDON (ShareCast) - East Africa focused oil exploration company Aminex (Frankfurt: 872577 - news) is today holding its annual general meeting in Dublin. In the accompanying slide presentation, posted on the company's website, the outfit describes the progress made in its different exploration activities in Tanzania. The company has recently raised $40m in new equity to finance what it describes as a "significant exploration and development programme". In particular, it may be worth highlighting that the company has also provided a description of its planned capital expenditures in Tanzania, where even some oil majors, such as Petrobras (Madrid: XPBR.MC - news) , are planning on starting drilling this year.
In particular, the firm calls attention to features of its exploration plan such as the fact that the prospects around Nyuni Island are independently estimated to contain 1.3 TCF gas in place (217MMBOE). As well, at its West Songo-Songo PSA, for example, the company thinks considerable potential exists and as Aminex reminds investors, the operator has stated that it believes the gas in place potential to exceed 1 TCF(167MMBOE). Of interest, the company states that it has a 50% stake in Korex Ltd., which in turn holds a product sharing agreement covering 50,000 square kilometres in the East Sea of North Korea. For now work is limited to evaluating seismic data. Lastly, the firm has called attention to the fact that it is fast-tracking development of the Kiliwani North gas discovery to meet urgent national energy needs. As of 12:52 AM shares of Aminex are rising by 7.69%, to 8.75p, in London trading. AB
In particular, the firm calls attention to features of its exploration plan such as the fact that the prospects around Nyuni Island are independently estimated to contain 1.3 TCF gas in place (217MMBOE). As well, at its West Songo-Songo PSA, for example, the company thinks considerable potential exists and as Aminex reminds investors, the operator has stated that it believes the gas in place potential to exceed 1 TCF(167MMBOE). Of interest, the company states that it has a 50% stake in Korex Ltd., which in turn holds a product sharing agreement covering 50,000 square kilometres in the East Sea of North Korea. For now work is limited to evaluating seismic data. Lastly, the firm has called attention to the fact that it is fast-tracking development of the Kiliwani North gas discovery to meet urgent national energy needs. As of 12:52 AM shares of Aminex are rising by 7.69%, to 8.75p, in London trading. AB
