{"id":14289,"date":"2024-04-29T17:46:07","date_gmt":"2024-04-29T17:46:07","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=14289"},"modified":"2024-04-29T17:46:07","modified_gmt":"2024-04-29T17:46:07","slug":"tanzania-aminex-releases-positive-outlook-terms-2024-as-decisive","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-aminex-releases-positive-outlook-terms-2024-as-decisive\/","title":{"rendered":"TANZANIA: Aminex Releases Positive Outlook Terms 2024 as Decisive"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Outlook:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022\u00a0\u00a0\u00a0\u00a0\u00a0The operator of the Ruvuma PSA,\u00a0ARA Petroleum Tanzania Limited\u00a0(APT) continues to progress operations at the Ntorya gas field, with the following planned for 2024, upon receipt of the Development Licence:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;&nbsp;Contract a rig operator to undertake the drilling of the Chikumbi-1 appraisal well and, if successful, to complete the well as a gas producer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;&nbsp;Re-enter and repair a tubular leak in NT-1 to enable the well to be completed as a gas producer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;&nbsp;Undertake further testing on NT-2, currently suspended as a gas producer, using a mobile test unit and refine the design of in-field gas processing facilities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;&nbsp;Support the Tanzanian authorities in the construction of a spur pipeline to take gas from Ntorya to the Madimba Gas Plant and accommodate gas extraction from the field.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022\u00a0\u00a0\u00a0\u00a0\u00a0The Company&#8217;s largest shareholder,\u00a0Eclipse Investments LLC, has agreed a funding facility for\u00a0US$3 million, ensuring\u00a0Aminex\u00a0has sufficient working capital available after 2024 and until the commencement of revenues from Ntorya gas sales.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>During 2023 and early 2024:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completed the processing of 3D seismic data, the largest onshore seismic campaign in&nbsp;East Africa&nbsp;covering 338km\u00b2&nbsp;around Ntorya.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected a more optimal location for drilling the Chikumbi-1 appraisal well through the utilisation of the 3D seismic data.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022\u00a0\u00a0\u00a0\u00a0\u00a0Completed and submitted the Ntorya Field Development Plan (FDP), which has now been approved by the\u00a0Tanzania Petroleum Development Corporation (TPDC).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied for a 25-year Development Licence based on the approved FDP. Approved by the Tanzanian authorities, including&nbsp;Cabinet&nbsp;sign-off, and awaiting issuance of the signed licence from the&nbsp;Ministry of Energy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signed a 25-year Gas Sales Agreement with APT and TPDC.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruvuma PSA Farm-Out Carry of&nbsp;US$35 million&nbsp;covered&nbsp;Aminex&nbsp;for all 2023 Ruvuma costs with&nbsp;US$29.6 million&nbsp;of the Carry remaining as at&nbsp;31 December 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintained reduced gross G&amp;A costs (before one-off costs and exceptional items) of&nbsp;US$1.58 million&nbsp;per annum in 2023. Despite a slight inflation-related increase on 2022, base running costs are 70% lower than 2018 levels when cost control measures commenced.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022\u00a0\u00a0\u00a0\u00a0\u00a0Loss for the year of\u00a0US$1.12 million\u00a0(2022: loss of\u00a0US$4.06 million).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;This year will be a decisive one for our Company. We expect significant progress in the Ntorya project providing shareholders with several catalytic events likely to improve the Company&#8217;s underlying value. Events have demonstrated the Operator&#8217;s capacity to run numerous critical negotiations and operational workstreams while maintaining the full support of the Tanzanian authorities. The net result for\u00a0Aminex\u00a0is an essential shift in the narrative of Ruvuma, which can now be considered a potentially world-class discovery with a path to positive cash flow by next year &#8211; a remarkable turnaround for the Company since 2020,&#8221; says Executive Chairman Charles Santos.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;We expect a Development Licence will be issued by the\u00a0Ministry of Energy\u00a0very soon, enabling the Ruvuma partners to unlock the project&#8217;s potential by starting both the drilling and construction work that will lead to first gas. The 25-year Development Licence will be the first such licence issued in\u00a0Tanzania\u00a0for 13 years and signifies the government&#8217;s commitment to developing its onshore energy resources.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Outlook: \u2022\u00a0\u00a0\u00a0\u00a0\u00a0The operator of the Ruvuma PSA,\u00a0ARA Petroleum Tanzania Limited\u00a0(APT) continues to progress operations at the Ntorya gas field, with the following planned for 2024, upon receipt of the Development &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-aminex-releases-positive-outlook-terms-2024-as-decisive\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":14290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7443,11],"tags":[137,6954,6956,1784,2207,2466,2543],"class_list":["post-14289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-eastern-africa","category-top-news","tag-aminex","tag-ara-petroleum","tag-chikumbi","tag-ntorya","tag-ruvuma","tag-tanzania","tag-tpdc","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/04\/Tanzania-Aminex.jpg?fit=1357%2C1841&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3It","jetpack-related-posts":[{"id":14160,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-ruvuma-gas-sales-agreement-signed\/","url_meta":{"origin":14289,"position":0},"title":"TANZANIA: Ruvuma Gas Sales Agreement Signed","author":"","date":"January 11, 2024","format":false,"excerpt":"Aminex PLC has announce that a gas sales agreement (GSA) for the sale of gas from the Ntorya location was signed by the Company\u2019s subsidiary, Ndovu Resources Limited, together with the operator, ARA Petroleum Tanzania Limited (APT) and the Tanzania Petroleum Development Corporation (TPDC). Key terms of the GSA include:\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/01\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/01\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/01\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":12616,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-half-of-seismic-data-now-acquired-over-the-ntorya-location\/","url_meta":{"origin":14289,"position":1},"title":"TANZANIA:  Half of Seismic Data Now Acquired over the Ntorya location, Ruvuma PSA","author":"","date":"September 5, 2022","format":false,"excerpt":"Aminex is pleased to announce that seismic and commercial activities on the Ruvuma PSC continue to progress under the direction of the operator, ARA Petroleum Tanzania Limited (APT): \u2022 Over half of the seismic data has now been acquired over the Ntorya location. \u2022 The seismic data required to evaluate\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/09\/Ntorya-development-license.png?fit=532%2C443&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/09\/Ntorya-development-license.png?fit=532%2C443&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/09\/Ntorya-development-license.png?fit=532%2C443&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7160,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-chikumbi-1-well-drilling-nears-rig-bids-tendering-complete\/","url_meta":{"origin":14289,"position":2},"title":"Tanzania Chikumbi 1 Well Drilling Nears As Rig Bids Tendering Complete","author":"","date":"August 27, 2018","format":false,"excerpt":"The tendering process for a rig to drill\u00a0Chikumbi-1 (CH-1)\u00a0is now complete according to Aminex with the company having received numerous bids. These bids are being evaluated on their technical and commercial merits. CH-1 which is located up-dip from both the Ntorya-1 discovery well, which tested at rates of up to\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/08\/Chikumbi-1.png?fit=353%2C461&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11032,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-ruvuma-jv-approves-the-2022-work-programme-ahead-of-chikumbi-well-drilling\/","url_meta":{"origin":14289,"position":3},"title":"TANZANIA: Ruvuma JV Approves the 2022 Work Programme Ahead of Chikumbi Well Drilling","author":"","date":"October 22, 2021","format":false,"excerpt":"The Ruvuma JV has approved the 2022 work programme and budget which is designed to meet all work obligations under the terms of the licence extension previously announced on 18 August 2021, and furtheradvance the appraisal and de-risking of the existing gas discovery on the licence. The work programme will\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/10\/Chikumbi-1-well.jpg?fit=1200%2C741&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/10\/Chikumbi-1-well.jpg?fit=1200%2C741&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/10\/Chikumbi-1-well.jpg?fit=1200%2C741&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/10\/Chikumbi-1-well.jpg?fit=1200%2C741&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/10\/Chikumbi-1-well.jpg?fit=1200%2C741&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13379,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-ara-petroleum-to-delay-spudding-of-chikumbi-1-as-3d-seismic-processing-interpretation-continues\/","url_meta":{"origin":14289,"position":4},"title":"TANZANIA: ARA Petroleum to Delay Spudding of Chikumbi-1 as 3D Seismic Processing &#038; Interpretation Continues","author":"","date":"March 2, 2023","format":false,"excerpt":"Aminex reports that has been informed by ARA Petroleum Tanzania Limited (APT), theOperator of the Ruvuma PSA, of a further delay to the spudding of the Chikumbi-1 well (CH-1). Aminexis pleased to announce that plans to accelerate gas production, as outlined in our announcement of 1November 2022, have been further\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Chikumbi-1-well.jpg?fit=1200%2C741&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Chikumbi-1-well.jpg?fit=1200%2C741&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Chikumbi-1-well.jpg?fit=1200%2C741&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Chikumbi-1-well.jpg?fit=1200%2C741&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Chikumbi-1-well.jpg?fit=1200%2C741&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13791,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-ruvuma-psc-jv-announce-finalization-of-the-gsa-fdp-and-the-development-licence-the-identification-of-a-much-improved-chikumbi-well-location\/","url_meta":{"origin":14289,"position":5},"title":"TANZANIA: Ruvuma PSC JV Announce Finalization of the GSA, FDP and the Development Licence &#038; the identification of a much-improved Chikumbi well location","author":"","date":"July 12, 2023","format":false,"excerpt":"Aminex PLC has announce that operations on the Ruvuma PSC have continued to progress under the direction of the operator, ARA Petroleum Tanzania Limited (APT): Following analysis of the results of the initial 3D seismic processing and interpretation, the JV partners have chosen a new optimal target location of the\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=14289"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14289\/revisions"}],"predecessor-version":[{"id":14291,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14289\/revisions\/14291"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/14290"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=14289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=14289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=14289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}