AEX Aminex Plc

23 May 2024

Aminex plc

 ("Aminex" or "the Company")

Ntorya Development Licence Granted

Aminex, the oil and gas exploration and development company focused on Tanzania, is pleased to announce that the Ministry of Energy in Tanzania has granted a 25-year development licence (Development Licence) over the Ntorya gas discovery area to the Ruvuma joint venture. The Development Licence was received by the operator of the Ruvuma JV, ARA Petroleum Tanzania Limited (APT), this afternoon.

The Development Licence divides the "Mtwara Exploration Licence" area into nine blocks: five blocks containing the Ntorya discovery and four blocks labelled as "adjoining blocks". The Ruvuma JV parties are required to undertake the following work programme over the four adjoining blocks to the discovery area:

·    Geological, geophysical and geochemical studies;

·    Drill one exploration well within five years of the start of production under the Development Licence;

·    Spend a minimum of $10 million.

Further discoveries in the adjoining blocks will fall under the Development Licence.

The Ntorya Development Licence area lies adjacent to a region containing supergiant world-class LNG projects, extending from offshore Tanzania into Mozambique waters to the south. The JV partners intend to produce Ntorya gas into the growing domestic gas market, helping to alleviate energy poverty and boost the energy transition in Tanzania. A multi-year gas sales agreement was signed earlier this year with the Tanzania Petroleum Development Corporation.

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 field at zero cost to the Company.

Charles Santos, Executive Chairman of Aminex commented:

"We are delighted to receive the Development Licence from the Ministry of Energy and thank APT and all Tanzanian agencies for working together to achieve this major milestone. The Tanzanian government has clearly said it would use the country's energy resources to eliminate energy poverty, spur growth and improve living standards. We believe Ntorya is a vital part of this vision and the Development Licence helps turn this vision into reality. As a founding partner in Ntorya, we are proud and excited to support ARA Petroleum and the Tanzanian authorities in this crucial effort."

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.