Aminex reports progress on Tanzania gas project, eyes mid-2026 production

LONDON - Aminex PLC has announced its final audited financial results for the year ended December 31, 2024, highlighting significant advancements in its Ntorya Gas Development in Tanzania. The company reported a loss for the year of $5.30 million, citing decommissioning costs and asset impairment charges as primary contributors to the increase from the previous year’s loss of $1.12 million.

Despite the financial loss, Aminex outlined key achievements and future plans that signal progress in its Tanzanian operations. The government of Tanzania granted Aminex a 25-year Development Licence for the Ntorya field, and the company, alongside operator ARA Petroleum Tanzania, has submitted a revised field development plan that could potentially double gas production to 280 million cubic feet per day (MMcfd) through the drilling of up to 14 new wells over the next decade.

Aminex has completed the processing and interpretation of a large-scale 3D seismic campaign, which assisted in selecting the optimal location for the CH-1 well and securing necessary long-lead items for drilling and workover operations. The company also signed a Gas Sales Agreement with Tanzania Petroleum Development Corporation (TPDC), ensuring a market for the produced gas.

Looking ahead, Aminex anticipates the signing of an Engineering, Procurement, and Construction contract for a 30-kilometer pipeline from Ntorya to the Madimba Gas Processing Plant. This pipeline is expected to have a capacity of 140 MMcfd and will enable the company to begin monetizing its gas production by mid-2026.

The company has secured a funding facility for up to $3 million from Eclipse Investments LLC, which is expected to provide sufficient working capital until first gas production. Additionally, Aminex’s participation in the Ruvuma Production Sharing Agreement (PSA) Farm-Out Carry of $35 million covers all 2024 Ntorya costs, with $29.24 million of the Carry remaining as of December 31, 2024.

Aminex also maintained reduced gross general and administrative costs of $1.59 million per annum in 2024, continuing the trend of cost efficiency that began with measures introduced in 2018.

The company’s Annual General Meeting is scheduled for July 24, 2025, in London. The information provided in this article is based on a press release statement from Aminex PLC.

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