Aminex PLC (LSE:AEX) executive chairman Charles Santos is excited by the renewed activity in Tanzania where a new phase of work is approaching.
The operator of the Ntorya project, APT, last week signed up a contractor for a seismic data acquisition programme, ahead of the planned drilling of the Chikumbi-1 well.
In Thursday’s results statement the company confirmed that the seismic is due to start in October.
“We are excited that the Ntorya gas development is entering a period of operational activity by acquiring 3D seismic and well execution, representing significant steps towards monetising this large gas resource into existing infrastructure and an established market in Tanzania,”
“Moreover, we want to recognise the steadfast and efficient efforts of APT in moving the Ruvuma project forward.
“Finally, we are appreciative of the continued support of the Tanzanian Ministry of Energy most recently demonstrated by its granting of a two-year license extension for the Ruvuma PSA and of the TPDC for their continued constructive negotiations regarding the outstanding Kiliwani receivables."
Aminex ended June 30 with US$491,000 of cash and equivalents. It reported a US$1.59mln loss for the six month period.