REG - Aminex PLC - Ntorya Development Licence Granted

AminexAnnouncement

23/05/2024 16:15

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RNS Number : 7223P  Aminex PLC  23 May 2024

23 May 2024

 

Aminex plc

 ("Aminex" or "the Company")

 

Ntorya Development Licence Granted

 

Aminex, the oil and gas exploration and development company focused on
Tanzania, is pleased to announce that the Ministry of Energy in Tanzania has
granted a 25-year development licence (Development Licence) over the Ntorya
gas discovery area to the Ruvuma joint venture. The Development Licence was
received by the operator of the Ruvuma JV, ARA Petroleum Tanzania Limited
(APT), this afternoon.

The Development Licence divides the "Mtwara Exploration Licence" area into
nine blocks: five blocks containing the Ntorya discovery and four blocks
labelled as "adjoining blocks". The Ruvuma JV parties are required to
undertake the following work programme over the four adjoining blocks to the
discovery area:

·    Geological, geophysical and geochemical studies;

·    Drill one exploration well within five years of the start of
production under the Development Licence;

·    Spend a minimum of $10 million.

Further discoveries in the adjoining blocks will fall under the Development
Licence.

The Ntorya Development Licence area lies adjacent to a region containing
supergiant world-class LNG projects, extending from offshore Tanzania into
Mozambique waters to the south. The JV partners intend to produce Ntorya gas
into the growing domestic gas market, helping to alleviate energy poverty and
boost the energy transition in Tanzania. A multi-year gas sales agreement was
signed earlier this year with the Tanzania Petroleum Development Corporation.

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 field at zero
cost to the Company.

Charles Santos, Executive Chairman of Aminex commented:

"We are delighted to receive the Development Licence from the Ministry of
Energy and thank APT and all Tanzanian agencies for working together to
achieve this major milestone. The Tanzanian government has clearly said it
would use the country's energy resources to eliminate energy poverty, spur
growth and improve living standards. We believe Ntorya is a vital part of this
vision and the Development Licence helps turn this vision into reality. As a
founding partner in Ntorya, we are proud and excited to support ARA Petroleum
and the Tanzanian authorities in this crucial effort."

The information contained within this announcement is considered to be inside
information prior to its release, as defined in Article 7 of the Market Abuse
Regulation No. 596/2014, and is disclosed in accordance with the Company's
obligations under Article 17 of those Regulations.

 For further information:

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

 Knights Media & Public Relations      +44 203 653 0200
 Jason Knights, Sabina Zawadzki

 Davy                                  +353 1 679 6363
 Brian Garrahy

 Shard Capital                         +44 20 7186 9952
 Damon Heath

 

 

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