Aminex, the oil and gas explorer has issued a big upgrade of the resources at the Ruvuma and Nyuni Area Licences in Tanzania.
A new study of the area has come back with a total "undiscovered" estimate of 5.75 trillion cubic feet (TCF) in place at Ruvuma and of 5.67 trillion cubic feet of gas in place at Nyuni.
Aminex Chief Executive, Stuard Detmer, commented: "This independent report has identified a total 11.4 TCF of discovered and undiscovered "gas initially in place" for the Aminex Tanzanian exploration properties - a 400% increase compared to the previous report.
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"Most of the increase comes from Ruvuma, evaluated now for the first time. The results are extremely encouraging... The evaluation confirms our view that the onshore Ruvuma Basin is highly prospective not only for gas but also with the possibility of finding reservoired oil."
Aminex shares had risen 6.7% by 11:37.
BS
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