Aminex PLC (LSE:AEX) shares jumped almost 24% to 1.95p after the company's revised implementation programme had been agreed for the Ntorya gas development in Tanzania, targeting first production in December 2026.
The shares were up 23.8% from their previous close of 1.58p.
The agreement followed a meeting convened by Tanzania’s Ministry of Energy involving the government, regulators, Tanzania Petroleum Development Corporation, operator ARA Petroleum Tanzania and Aminex subsidiary Ndovu Resources.
Under the revised timetable, the NT-1 well will be worked over in October, NT-2 tested in November and a newly planned NT-Central well drilled in December.
First gas from NT-1 and NT-2 is targeted for December, with the Ntorya-to-Madimba pipeline expected to be ready to receive production at that time.
The Chikumbi-1 well will subsequently be drilled after NT-Central.
ARA had proposed delaying parts of the programme and bringing NT-Central forward in place of Chikumbi-1, but the Tanzanian government did not approve an extension to the project timetable. The revised plan instead provides for both wells to be drilled.
ARA also confirmed it has the funding required to complete the revised development programme.
Aminex said the agreement represented “important progress” towards resolving issues behind the notice of dispute announced on 21 August.
Executive chairman Charles Santos said: “Our focus now is on working together to implement the agreed programme and deliver first gas without further delay.
“The revised implementation programme establishes clear near-term operational milestones, targets first gas for December 2026 and provides for the drilling of a newly planned well, NT-Central, while ensuring that the CH-1 well is also drilled.”
