Feb. 7 (Bloomberg) -- Aminex Plc plunged 37% after it said it’s determining whether to drill at the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania.
The shares fell 2 cents to 4 cents in Dublin trading, valuing the company at 32.7 million euros.
“The targeted sandstone intervals were not encountered at the prognosed depths between 1,800 and 1,900 metres,” the company said today. “Further drilling found sandstone intervals along with traces of gas below 2,300 metres. Wireline logs and check shot data will now be recorded to determine whether or not to drill further. ‘’
Aminex controls 56 percent of the project, with Tullow Tanzania B.V. at 25 percent and Solo Oil Plc 19 percent.
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