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Aminex set for exciting time at Ruvuma as APT outlines roadmap to deliver Ntorya gas field

A seismic programme and the drilling programme for the Chikumbi-1 well is set to advance the Ruvuma portfolio in 2021

Aminex PLC - Aminex set for exciting time at Ruvuma as APT outlines roadmap to deliver Ntorya gas field

Aminex PLC (LON:AEX) has told investors that an exciting time finally lies ahead as its new partner, APT advances the Ruvuma asset in Tanzania.

APT has now put in place a road-map for the project including a work programme of seismic and drilling, which will allow the project to move a final financing decision for the Ntorya discovery before the end of 2022.

The new partner has notified the joint venture partners that it intends to immediately start contracting and procurement for a 3D seismic programme over the Ntorya gas discovery and the drilling of the Chikumbi-1 appraisal and exploration well.

APT has set a budget of around US$23mln for this 2020/21 programme, of which Aminex’s 25% share is carried by APT as a result of the farm-out transaction.

“With APT moving the development forward, Aminex can now concentrate on progressing initiatives that offer value creation for the company,” said Robert Ambrose, Aminex chief executive in a statement.

“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.”

APT plans to take advantage of the depressed global market for services to ensure that the programme can deliver maximum impact at the lowest possible cost.

The seismic programme aims to gather data over a 400 square kilometre area. It is slated to run through the second and third quarter of 2021. It is designed to optimise the existing data interpretation and give a better view of the project’s upside potential.

APT similarly is now advancing preparations and procurement for the Chikumbi-1 well.

The new partner has reviewed the well design, plan and the envisaged testing of the well since it has been on-board.

As a result, APT has now confirmed plans for the well and will now seek early mobilisation of a rig to Tanzania. It expects to ramp up preparation activity commencing in early 2021, including necessary site works.

It plans to start drilling the Chikumbi-1 well by January 2022 and it has estimated a revised budget of US$22.8mln gross – which would mean Scirocco’s share would by US$5.7mln.

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Price: 0.501 GBX

Market: LSE
Market Cap: £18.89 m

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on 23/11/20

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