BUY 0.00% 0.4¢ bounty oil & gas nl

got this off aminex web site

  1. 4,572 Posts.
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    These next two wells should be very good for BUY as well as Thomby Creek on due in the near future. Get in whilke you still can.

    I Hold :)

    May 2003
    Offshore Tanzania, like much of the East African margin, has long been regarded by many oil companies as
    gas-prone and has consequently been only lightly explored. However recent studies backed up by field work
    have begun to suggest that there is a potentially significant oil play present which to date remains almost
    completely untested and unexplored. Many of the wells drilled in the early days of exploration in Tanzania
    and were located on the basis of an extremely limited dataset, or indeed were purely stratigraphic wells.
    Certainly few were located on the basis of an understanding of the regional Play Fairways. Thus a poor or
    negative result from many of these wells cannot be regarded as a definitive test of prospectivity or truly
    indicative of the region’s oil potential. Eight wells have been drilled in the offshore coastal basin but none of
    them recently. Of these, two had oil and gas shows, five had gas shows and one was plugged and
    abandoned. Two commercial gas discoveries were identified.
    Ongoing field studies by Aminex since April 2001 have identified previously undocumented live oil seeps
    within the Nyuni PSA, one of which is present on Nyuni Island, a small natural island directly overlying the
    Nyuni Prospect on the shelf-edge, some 20 kilometres north-east of the Songo Songo Gas Field. Another
    seep has been identified on the foreshore at Kilwa Masoko on the mainland in the southern extremity of the
    Nyuni PSA, where despite being submerged every high tide, live oil can be recovered (and has been on at
    least two separate occasions recently). The oil seeps have been analysed in the U.K and on the basis of
    biomarkers are believed to be locally sourced from Mid-Jurassic to Lower Cretaceous source rocks of a
    possible carbonate affinity, deposited in a restricted marine environment associated with the onset of rifting.
    i.e., of identical source to the well documented oil seep at Msimbati in southern Tanzania
    Satellite studies have also identified several possible naturally occurring oil slicks within the Nyuni PSA.
    Whilst it is difficult physically to sample such slicks to verify their presence, a number of tar balls found on
    the beaches of Nyuni and Okuza islands within the PSA have been analysed, and found to be derived from
    the same source rock that is also responsible for the seeps at Nyuni Island, Kilwa Masoko, and Msimbati.
    Thus there is good evidence for the presence of oil-prone and oil-mature source rocks offshore southern
    Recent geothermal modelling studies carried out independently of Aminex’s fieldwork also suggest that
    source rocks in the off-shelf region are probably much less mature than previously thought (a high
    overburden pressure will retard the rate of source rock maturation). The presence of gas (with associated
    condensate) in structures such as Songo Songo can be accounted for by inversion tectonics. Inversion and
    erosion of the overburden with a resulting rapid decrease in overburden pressure will generate a heat influx
    that will rapidly increase the source rock maturity, thereby generating gas (i.e., Le Chatelier’s Principle).
    Such inversion structures will feature prominently in early reconnaissance exploration and will naturally be
    amongst the first structures to be drilled before there is any coherent understanding of the regional Play
    Fairways. This was the case with the discovery of Songo Songo (~ 1 Tcf gas, discovered 1974), and Mnazi
    Bay (~ 1 Tcf gas, discovered 1982). However structures such as the Nyuni and Okuza prospects, located on
    the shelf-edge and not having undergone significant inversion, have a much higher probability for oil, as
    indeed does the deepwater section.
    Thus it can be seen that the early exploration successes offshore Tanzania (and also Mozambique) with
    commercial gas discoveries have distorted the industry perception of the region’s oil potential. Aminex is
    ideally-placed to benefit from this false perception through the Nyuni PSA by having prime acreage with
    good oil potential and at least two live oil seeps, as well as five currently identified prospects. The largest
    two of these are in shallow water (< 40 m) on the shelf edge with recoverable (unrisked) reserves, as mapped
    by Robertson Research, of 360 MMbbls oil or 1260 Bcf gas. A number of additional leads have been
    identified from limited seismic elsewhere on the shelf and within the deepwater areas of the PSA.
    When Aminex drills the Nyuni and Okuza prospects in 2003, these will represent the first exploration wells
    to be drilled offshore Tanzania for twelve years and more-or-less the first wells to be drilled in the region
    backed up by a genuine understanding of the probable Play Fairway for discovering oil as opposed to gas.
    An oil discovery will be likely to trigger a major upsurge of industry attention on the East African margin.
    Aminex will be well positioned through its understanding of the regional Play Fairway.
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