Aminex edges towards first gas at Ntorya with Ruvuma farm-out

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What it owns

Ruvuma PSA (Tanzania) gas: 25% working interest through subsidiary Ndovu Resources

Kiliwani North (Tanzania) gas: Aminex owns 63.83% through Ndovu.

Nyuni PSA : Offshore licence surrounding Kiliwani. Aminex owns 100% through Ndovu.


How it is doing

On 29 Jan 2021 Proactive reported:

Aminex PLC (LON:AEX) has told investors it is to restructure its board and further cut costs, as it seeks to take advantage of opportunities provided by the recently sealed farm-out deal for the Ruvuma project.

The company said it plans to reduce gross general and administrative costs by 30% this year plus by a further 25%-30% next year.

It aims to lower these costs to below £1mln per year, which would equate to a 75% reduction since 2018.

 23 Nov 2020

Aminex highlighted that an exciting time finally lies ahead as its new partner, APT advances the Ruvuma asset in Tanzania.

APT has now put in place a road-map for the project including a work programme of seismic and drilling, which will allow the project to move a final financing decision for the Ntorya discovery before the end of 2022.

23 Oct 2020

Aminex PLC (LON:AEX) has announced the completion of its farm-out deal with ARA Petroleum Tanzania Limited (APT).

“We are delighted to finally complete the farm-out and hand over operatorship of the Ruvuma PSA to APT,” said Robert Ambrose, Aminex chief executive in a statement.

The company now retains a 25% interest in the Ruvuma asset – which includes the Ntorya gas project and exploration areas – and APT will fund a forward programme including the drilling of the Chikumbi-1 well and a new seismic programme over at least 200 square kilometres.

What management says

Charles Santos, Aminex executive chairman, in January said: “Our objectives now are to capitalise on Aminex’s fully carried valuable Ruvuma asset, maintain discipline on expenditures, and with a lean and effective management team pursue our strategic initiatives.”

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