Aminex PLC Ruvuma Operations Update -- Roadmap to "First Gas" (0911G)
November 23 2020 - 2:00AM
UK Regulatory
TIDMAEX
RNS Number : 0911G
Aminex PLC
23 November 2020
23 November 2020
Aminex plc
("Aminex" or "the Company")
Ruvuma Operations Update - Roadmap to "First Gas"
Aminex announces the following operational update on its
activities on the Mtwara Exploration Licence in the Ruvuma PSA.
As announced recently, the Company completed the Farm-Out with
ARA Petroleum Tanzania Limited (APT) which has now assumed
Operatorship of the Ruvuma PSA. Aminex is pleased to report that
APT has presented the Ruvuma joint venture partners (JV) with an
updated work programme and budget for the remainder of 2020 and for
2021 and, importantly, has proposed a planned roadmap towards
"first gas" from the Ntorya discovery.
The JV has identified completion of the Full Field Development
(FFD) plan as a primary and critical element required to progress
the Ntorya project towards submission of an application for a
25-year development licence. A critical path in the project to
develop the FFD and for making further investment decisions is to
progress subsurface imaging of the internal reservoir architecture
at Ntorya and, additionally, to map remaining upside potential
across the licence, if any. With subsurface imaging being a key
priority, APT have focused on the early acquisition of 3D seismic
and are actively preparing to acquire a 454 km(2) 3D seismic
survey, which is significantly in excess of the minimum licence
commitments, and will be an essential tool for placing development
wells and help in determining project infrastructure
requirements.
The work programme and budget for 2020/2021 anticipates a gross
JV expenditure of approximately $23 million, for which Aminex is
fully carried for its 25% interest, and is expected to see the
acquisition of the 3D seismic, pre-spud activities for the
Chikumbi-1 well, negotiations of the commercial terms for the
development licence, and the application for a further 1-year
licence extension. APT plans to spud the Chikumbi-1 well in Q1 2022
and to submit the FFD before the end of 2022.
Robert Ambrose, Chief Executive of Aminex commented:
"Following the completion of the Farm-Out and with APT moving
the development forward, Aminex can now concentrate on progressing
initiatives that offer value creation for the Company. Furthermore,
this in depth, high value work programme will eventually see
Tanzania benefit from the supply of affordable and much needed
lower-carbon energy and provide significant revenues for the
Company.
This moment is long overdue, but an exciting time finally lies
ahead for Aminex and we look forward to updating shareholders on
further progress as appropriate."
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 20 3198 8415
Robert Ambrose, CEO
Davy +353 1 679 6363
Brian Garrahy
Camarco +44 20 3781 8331
Billy Clegg / James Crothers / Daniel Sherwen
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END
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