Aminex gets ready to spud Ntorya-1

5th Dec 2011 09:52

Aminex, the oil and gas exploration company, has seen its share price rise 3.87% on news that it is about to spub its Ntorya-1 well in southern Tanzania.The company says the drill site was completed at the end of October and that "the rig camp is now fully installed".Aminex says it expects to start drilling in the second half of December and to reach its main target after around 30 days of work.It estimates a "20% probability of discovering hydrocarbons".Aminex has a 56.25% interest in the site, with the other partners being Tullow Tanzania and Solo Oil.Shares in Aminex were at 3.09p by 09:19. Since the beginning of 2011 the company has seen its value drop by 64%. Over the last five years the stock is down 88%.BS