Aminex, an exploration company focused on East Africa, has announced a successful test of its gas discovery in southern Tanzania.
The work on the Ntorya-1 well showed gas flowing at a maximum rate of 20.1m standard cubic feet per day (the equivalent of 3,350 barrels of oil per day).
Aminex's Chief Executive, Stuard Detmer, commented: "Today's test results clearly demonstrate the strong commercial potential of the Ntorya discovery.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The [...] potential is further enhanced by the presence of condensate with the gas and by the Tanzanian Government's announcement last week that it has secured financing to build a 36-inch diameter gas pipeline from Mtwara, just 25 km away from the Ntorya-1 discovery, to Dar es Salaam."
Aminex shares were up 12% at 11:49.
BS
-
Ofgem proposes new energy tariffs with low or no standing changesStanding charges have invited public backlash as households battle high energy bills
-
Google shares bounce on Gemini 2.0 launchGoogle has launched the latest version of its Gemini AI platform, and markets have responded positively. Is it time to buy Google shares?
