Aminex Sees Strong Progress on Ntorya Gas Project with Key Developments

 

Aminex PLC (LON: AEX) reported substantial advancements in its Ntorya gas project, signaling significant strides in Tanzania’s burgeoning energy sector. The company released its unaudited half-yearly report for the period ending June 30, 2024, highlighting several major milestones and providing a promising outlook for the project’s future.

Key Achievements in the Reporting Period:

– Gas Sales Agreement Finalized: Aminex successfully signed a gas sales agreement with the Tanzania Petroleum Development Corporation (TPDC), ensuring a reliable customer for Ntorya’s gas output.
– Development Licence Awarded: A 25-year development licence was secured for the Ntorya gas discovery area, paving the way for long-term project stability and growth.
– Pipeline Commitment: The Tanzanian Government has committed to completing the Ntorya to Madimba pipeline within the next six months, crucial for transporting gas to market.
– Resource Upgrade: A significant resource upgrade was announced for Ntorya and its surrounding areas, bolstered by positive results from ARA Petroleum Tanzania Limited’s 3D seismic survey.
– Financials: The company reported a loss of USD $1.35 million for the period, an increase from the previous year’s loss of USD $0.96 million.

Executive Chairman’s Comments:

Charles Santos, Executive Chairman of Aminex, expressed satisfaction with the progress made, emphasizing the importance of the Gas Sales Agreement and the Development Licence in advancing the Ntorya project. He highlighted the potential revealed by ARA Petroleum’s seismic survey and praised the Tanzanian Government’s commitment to fast-tracking the pipeline construction, which is anticipated to have significant economic benefits for the country.

“We are pleased with this year’s progress on critical commercial aspects of the Ntorya project – the signing of the Gas Sales Agreement and the issuance of the Development Licence. We are excited about ARA Petroleum Tanzania Limited’s 3D seismic survey results, which highlighted significant additional resources for the Ntorya discovery and wider area. We look forward to progress on operations through ARA Petroleum Tanzania Limited in the coming months. We are impressed with the Tanzanian Government’s resolve to expedite the gas pipeline construction from Ntorya to the Madimba gas plant and its clear commitment to use its gas resources to improve the economic conditions of the Tanzanian people,” Santos commented.

Outlook:

As Aminex transitions into the latter half of the year, the focus remains on leveraging these achievements to drive further development and production within the Ntorya project. The continued collaboration with ARA Petroleum and support from the Tanzanian Government are expected to be key enablers in realizing the full potential of Tanzania’s gas resources.

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