REG - Aminex PLC - Ruvuma Commercial Update

AminexAnnouncement

28/11/2022 07:00

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RNS Number : 6981H  Aminex PLC  28 November 2022

28 November 2022

 

Aminex plc

("Aminex" or "the Company")

 

Ruvuma Commercial Update

 

On 25 November 2022, at the Tanzania Petroleum Development Corporation
("TPDC") headquarters in Dar es Salaam, the parties to the Ruvuma PSA signed
an addendum to the PSA ("PSA Addendum"). The Ruvuma PSA, as with all other
PSAs in Tanzania, contained profit share, royalty, and taxation rates only for
oil production. The PSA Addendum sets out the relevant terms for gas
production.

 

At the event, the Tanzanian Minister of Energy and Managing Director of TPDC
outlined the Government's strong commitment to:

·      Develop additional gas resources as soon as possible;

·      Accelerate Ruvuma's production, which will play a vital role in
achieving the country's short to medium-term gas needs; and

·      Construct a 30 km pipeline to tie the Ntorya gasfield into the
existing Madimba processing and pumping station in the next six to nine
months.

 

Aminex, with a 25% non-operated interest, is carried throughout the ongoing
work programme to a maximum gross capital expenditure of $140 million ($35
million net to Aminex). The carry is expected to see the Company through to
the commencement of commercial gas production from the Ntorya gas field,
currently scheduled for early 2024, at zero cost.

 

Charles Santos, Executive Chairman of Aminex, commented:

 

"We are delighted that another essential stage in developing the Ruvuma asset
has been reached. The signing ceremony was a tangible sign of the Government
of Tanzania's strong commitment to the Ruvuma project, highlighting their
diligent effort to increase energy production, a cornerstone of the country's
economic development. The Ruvuma PSA Addendum is just the latest demonstration
of the determination of all parties to work constructively and rapidly
together to advance this significant project for the further development of
the Tanzanian energy sector. We thank the Tanzanian authorities and the
operator for their steadfast commitment to bringing the Ruvuma project to
fruition."

 For further information:

 Aminex PLC                          +44 203 355 9909
 Charles Santos, Executive Chairman

 Davy                                +353 1 679 6363
 Brian Garrahy

 Shard Capital                       +44 20 7186 9952
 Damon Heath

 

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