REG - Aminex PLC - Ruvuma Seismic and Commercial Update

AminexAnnouncement

01/09/2022 07:00

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RNS Number : 8478X  Aminex PLC  01 September 2022

1 September 2022

 

Aminex plc

("Aminex" or "the Company")

 

Ruvuma Seismic and Commercial Update

Aminex is pleased to announce that seismic and commercial activities on the
Ruvuma PSC continue to progress under the direction of the operator, ARA
Petroleum Tanzania Limited ("APT"):

·    Over half of the seismic data has now been acquired over the Ntorya
location.

·    The seismic data required to evaluate the drilling location of the
Chikumbi-1 ("CH-1") well is expected by mid-September 2022.

·    APT anticipates the full seismic acquisition programme to be
completed by mid-October 2022.

·    On behalf of the Ruvuma joint venture partners, APT has agreed in
principle with the Government of Tanzania ("GoT") to an addendum to the Ruvuma
PSA ("PSA Addendum"). The Ruvuma PSA, as with all other PSAs in Tanzania,
contained fiscal terms (profit share, royalty, and taxations rates) only for
the production of oil. Fiscal terms for the production of gas were required to
be agreed upon separately.

·    Negotiations on the gas sales agreement ("GSA") between the Ruvuma
partners and the Tanzania Petroleum Development Corporation ("TPDC") for the
sale of gas from the Ntorya gas field to the TPDC commenced recently in
Tanzania and are currently ongoing.

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) and the carry is expected to see the Company through to
the commencement of commercial gas production from the Ntorya gas field,
currently scheduled for the end of 2024, at zero cost to the Company.

Charles Santos, Executive Chairman of Aminex commented:

"We are delighted that operational activities continue to progress on seismic
acquisition and processing and look forward to providing further updates in
due course. We are also very pleased that progress is being made on the
commercial aspects of the development, with gas terms on the Ruvuma PSA being
agreed and negotiations for the GSA currently ongoing. This progress reflects
the commitment of the Operator and the Tanzanian authorities to work
constructively together to advance this extremely important project for the
Tanzanian energy sector.  We would like to thank APT and the Tanzanian
authorities for their cumulative efforts in progressing the project."

 

 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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