Aminex PLC Ruvuma Commercial Update (6981H)

TIDMAEX

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                            [phone] 
 Charles Santos, Executive Chairman 
 
 Davy                                   [phone] 
 Brian Garrahy 
 Shard Capital                         [phone] 
 Damon Heath 
 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDFLFVDLFLDFIF

(END) Dow Jones Newswires

November 28, 2022 02:00 ET (07:00 GMT)