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Aminex teeing up operations in anticipation of Tanzania ‘greenlight’

“We have had positive indications in-country that the government is approaching a place where it can update the international oil companies.”

Aminex PLC - Aminex teeing up operations in anticipation of Tanzania ‘greenlight’

Aminex PLC (LON:AEX) and partner APT are teeing up their operations in Tanzania in anticipation of the ‘greenlight’ from regulatory authorities.

The company, in a statement, also highlighted that there are “positive indications” that Tanzania is re-engaging with the international business community, after a period of reduced corporate engagement, in order to  support the country's power demands.

"While we continue to engage in constructive dialogue, Aminex and APT are working diligently to progress workflows such that when the approvals are given, we can quickly move into an operational phase and deliver first gas from Ntorya and begin remediation work on Kiliwani,” said Tom Mackay, Aminex chief executive.

“As of yet, no formal update has been received from the Government of Tanzania in regards to our licences, however we have had positive indications in-country that the government is approaching a place where it can update the international oil companies.”

Specifically, Aminex told investors that the joint venture partners will look to move contingent elements of the 2020 work programme into the firm budget.

The Ntorya project has now progressed so that it can move to order long lead items, once there’s approval of the tendering and procurement process.

In country, the APT joint venture has secured offices and staff accommodation.

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Price: 0.625 GBX

LSE:AEX
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Market Cap: £23.57 m
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