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We have gas!!!!!!!

NTORYA-1 DRILLING UPDATE





Aminex PLC ('Aminex' or the 'Company'), an independent oil company listed on the main market of the London and Irish Stock Exchanges with exploration and development assets in the emerging hydrocarbon province of East Africa, today announces a further operational update on drilling of the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania.



On the 10 February 2012 it was announced that the well would be deepened to test an additional target identified on the seismic data at a depth of approximately 2,750 metres. The well has now been drilled to 2,750 metres, and prior to reaching that depth encountered strong gas shows in a good quality reservoir sand at a depth of approximately 2,660 metres. A logging programme will commence shortly to evaluate the new section drilled below 2,500 metres and a further update will be provided after the logging programme has been completed.



The Ntorya-1 well is designed to test the high quality Basal Tertiary and Upper Cretaceous sands previously encountered in the Likonde-1 well, 14 kilometres to the north.



Participants in the deepening of the well below 2,500 metres are:



Ndovu Resources Ltd (Aminex) 75% (operator)

Solo Oil plc 25%

Token gesture purchase now looking good !

Mine too, no regrets it had to come good one day!

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I rememebr Hardman did the same sort of trick with Chinguetti, there was some money made there by being in before the surpirse announcement.

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well done to all connections.

I'm pretty pissed off......but have some still the same.....but dumped most of them on a negative result and....hey presto !...they pull this out of the hat...nothing but gas everywhere there it seems....Hardman came up with 75000 barrels per day only for it to dwindle to 13000 upon production....

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Fox Davis

http://www.stockopedia.co.uk/content/fox-davies-capital-update-featuring-anglesey-mining-stratex-international-central-rand-gold-solo-oil-64051/

Davy Research Note

http://www.davy.ie/LR?id=3059

I would take a guess at item 1.

They have just reached the casing point before entering the potential target at 2750. However, prior to reaching 2750 they have found a good quality reservoir with strong gas shows.

They will log this first and obtain all the necessary data before they start drilling again - just in case the target below 2750 is very high pressure gas and this could mean they would not be able to test this section they are testing now due to well control problems.

So a very good chance, imo, we will see logging results and then a continuation of drilling down into the target seen below 2750 metres.


I think some of you maybe just maybe missing a trick.

The initial thought was that a deeper target existed at 2750m. What if they have incepted gas bearing sands AND haven't yet reached this target given they have stopped drilling at 2750m.

I can think of three reasons why they would stop at 2750m

1) They have encountered the seal of the target at 2750m and wanted to ensure they logged and potentially tested the current gas bearing sands. That might not have been possible if they intersected high pressure gas below 2750m ala Likonde (I'll even speculate that this is the same sands being targeted that had high pressure gas at Likonde).

2) The gas bearing sands encountered are the target thought to have been at 2750m and have now been drilled through giving a maximum thickness of 90m though likely much less.

3) They have encountered gas shows all the way through but well control is starting to get difficult so decided to stop to enable logging and potentially testing.

All three scenarios are potentially game changing for AEX, some could be company making. Imagine 600BCF 75% owned on land.

Now if they do make a major gas discovery I'll wager AEX and Solo get funding in place for a swift appraisal. I also think Likonde would be revisited in this scenario.


JonnyT

AEX on fire.......

My tiny 50K share holding is worth more, much more........ not a lot, but at least its looking more likely it might pay for a nice holiday.....come on AEX, commercial gas find please.

COV sold for 195p a share.

If only AEX can find some onshore commercial gas, I am sure someone would buy them to go with the offshore gas discoveries.

sp rising nicely this morning.

Well I am taking a guess that both LOGP and AEX will have news on Monday morning. Going to be an exciting week ahead.

You still in Pro?

Gas and maybe oil at a lower level.

http://www.moneyam.com/action/news/showArticle?id=4316635

I've just had the a look at today's RNS. Seems very positive.

"Ntorya-1 well has established for the first time the presence of reservoired hydrocarbons onshore. Given current plans to develop major gas infrastructure on the coast just 25 kilometres away, this has the potential for commercial development and opens new possibilities in the underexplored onshore regions of our Ruvuma block PSA."

No, I was out of here late last week.

Interesting.

25M giving 3M net pay. Another 16.5M lower down so perhaps another 2M of net pay.

Total perhaps 5M net pay.

I would say this is more of a holding RNS to keep people attracted while they now test the deeper target and hope for something bigger.

Exciting times.