LONDON (ShareCast) - (ShareCast News) - Aminex said that, over the weekend, gas production from the Kiliwani North-1 well in Tanzania reached 30 mmcf per day with stable pressure recordings at that rate.
At 12:10 BST, shares in the oil production, development and exploration company were up 12.5% to 1.12p.

Aminex added that the commissioning process was expected to be concluded with the testing of the well to determine optimal rates, which it believed would be about 30 mmcf a day based on previous well-test data.

Aminex, which has 54.575% of the Kiliwani North Development Licence, is the sole producer into the new Songo Songo Island Gas Processing plant.

It expected that, post well testing, the plant would continue to require in excess of 23 mmcf per day to operate.

The gas produced would be paid for under the terms of the Gas Sales Agreement signed with the sole buyer, Tanzania Petroleum Development Corporation (TPDC).

Aminex would receive $3.00 per mmbtu, or about $3.07 per mcf.

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