Aminex PLC (LSE:AEX) shares advanced close to 20% in Monday morning’s deals, to trade at 1.2p, after the Tanzanian authorities detailed a new addendum to agreements for gas projects.
The company, in a statement, relayed to investors the reported benefits which include the government’s commitment to the development of gas resources as soon as possible, support to accelerate production from the Ruvuma asset and the construction of supporting infrastructure in the coming six-to-nine months.
Charles Santos, Aminex executive chair, said: “We are delighted that another essential stage in developing the Ruvuma asset has been reached."
He added: “The signing ceremony was a tangible sign of the Government of Tanzania's strong commitment to the Ruvuma project, highlighting their diligent effort to increase energy production, a cornerstone of the country's economic development.
“The Ruvuma PSA Addendum is just the latest demonstration of the determination of all parties to work constructively and rapidly together to advance this significant project for the further development of the Tanzanian energy sector. We thank the Tanzanian authorities and the operator for their steadfast commitment to bringing the Ruvuma project to fruition."