Oil and gas firm Aminex has begun drilling an exploration well in Tanzania's Ruvama basin.

In an update to the stock market this morning, the company said the Ntorya-1 well is now being drilled at a depth of 620 metres. The well is expected to reach a target depth of about 1,800 to 1,900 metres in late January.

Aminex estimates that the Ntorya prospect has a 20 per cent chance of success, with the potential to produce 100 million barrels of oil equivalent.

It is partnered in this project by Tullow Tanzania and Solo Oil.