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).
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
