Aminex comes up trumps in Tanzania
Aminex, an exploration company focused on East Africa, has announced a successful test of its gas discovery in southern Tanzania.
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
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Shein shifts IPO focus to Hong Kong
The development piles fresh pressure on London’s beleaguered stock market, which many had hoped would be boosted by Shein’s IPO
-
Scientists turn lead into gold – could it wreck the yellow metal's price?
Medieval alchemists have been vindicated after scientists turned lead into gold, but the results aren’t going to crash the gold price any time soon