Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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All good stuff. Licence in the post. Funding agreed to keep us ticking over so we don't get immediately battered back down on placing concerns. It's almost like the company want the share price to rise...
Well not the rns we wanted but at least we know we're covered till 2025 now and can assume that's the new time frame for gas production.
So another year
Morning RJ, so on the basis that you "only read what you see", I assume te idea of ARA buying their own rig is now not a likely prospect?
Outlook:
o Contract a rig operator to undertake the drilling of the Chikumbi-1 appraisal well and, if successful, to complete the well as a gas producer.
Not long to wait to ask any outstanding questions: I take it all that you will be interested enough to attend? ;0)
Annual General Meeting will be held at 10.30 am on 27 June 2024.
Oh and haggismctripe, yes, thank you we have already read and understood that too often reposted paragraph, we d not need you to post yet another time..... good grief.
Bloody hell SC have you turned into a deramper 🙄
As I kept saying:
"Applied for a 25-year Development Licence based on the approved FDP. Approved by the Tanzanian authorities, including Cabinet sign-off, and awaiting issuance of the signed licence from the Ministry of Energy."
Signed of by the cabinet is confirmation of the energy ministers speech last week. Now just a formality imo
I like this: We expect a Development Licence will be issued by the Ministry of Energy very soon
Key this week, a rubutall from Prosciutto if any on Wednesday.....
Ruvuma PSA's operator, APT, acquired, processed and interpreted 338 km2 of new 3D seismic in 2022 and 2023, resulting in the identification of significant additional potential gas volumes within the licence area. The most likely gas initially in place (GIIP) is now estimated to be 3.45 TCF. Furthermore, the 3D seismic dataset supports a substantial in place unrisked resource potential of 16.4 TCF. Such numbers place the discovery within the definition of a "world-class giant" gas field, generally accepted as being greater than 3 TCF recoverable.
Ntorya and any other gas fields found within the Ruvuma PSA can be developed far more quickly and for a significantly lower capital expenditure than current offshore LNG projects, which require the construction of offshore gas facilities, pipelines to shore and massive export terminals.
Crucially, Ruvuma gas can immediately service a fast- developing domestic market thanks to the GSA among TPDC, APT and Aminex (through Ndovu Resources Limited), which was signed in January 2024.
We expect a Development Licence will be issued by the Ministry of Energy very soon, enabling the Ruvuma partners to unlock the project's potential by starting both the drilling and construction work that will lead to first gas. The 25-year Development Licence will be the first such licence issued in Tanzania for 13 years and signifies the government's commitment to developing its onshore energy resources.
The TPDC is responsible for constructing the gas pipeline spur to Madimba and, we understand, it has made considerable progress. Given the importance the Tanzanian Government gives to receiving gas from Ntorya and the efforts of the TPDC, we expect the pipeline spur will be completed before the end of the first half of 2025, bringing revenues from the sale of Ntorya gas shortly thereafter.
During 2023 and early 2024:
• Completed the processing of 3D seismic data, the largest onshore seismic campaign in East Africa covering 338km² around Ntorya.
• Selected a more optimal location for drilling the Chikumbi-1 appraisal well through the utilisation of the 3D seismic data.
• Completed and submitted the Ntorya Field Development Plan ("FDP"), which has now been approved by the Tanzania Petroleum Development Corporation ("TPDC").
• Applied for a 25-year Development Licence based on the approved FDP. Approved by the Tanzanian authorities, including Cabinet sign-off, and awaiting issuance of the signed licence from the Ministry of Energy.
• Signed a 25-year Gas Sales Agreement with APT and TPDC.
• Ruvuma PSA Farm-Out Carry of US$35 million covered Aminex for all 2023 Ruvuma costs with US$29.6 million of the Carry remaining as at 31 December 2023.
• Maintained reduced gross G&A costs (before one-off costs and exceptional items) of US$1.58 million per annum in 2023. Despite a slight inflation-related increase on 2022, base running costs are 70% lower than 2018 levels when cost control measures commenced.
• Loss for the year of US$1.12 million (2022: loss of US$4.06 million).
"Applied for a 25-year Development Licence based on the approved FDP. Approved by the Tanzanian authorities, including Cabinet sign-off, and awaiting issuance of the signed licence from the Ministry of Energy."
In line with the minister if energies budget speech in parliament last week
Funding Facility agreed with Eclipse Investments
Aminex, the oil and gas exploration and development company focused on Tanzania, is pleased to announce that it has agreed a funding facility with its largest shareholder, Eclipse Investments LLC (Eclipse). The main terms of the facility are:
· The facility is for $3 million, available for up to 24 months
· The first $1.5 million tranche is guaranteed, with the remaining tranche available at Eclipse's discretion
· Any advances drawn down will be set-off against the Company's $35 million carry in respect of the Ntorya development from ARA Petroleum Tanzania (Carry), at Eclipse's discretion
· Interest will accrue on any advances at the rate of the Standard Overnight Financing Rate + 8%
· If not already set-off against the Carry, Eclipse can demand repayment, but not before 31 December 2026
· There is no security granted against the facility and no arrangement fees payable by the Aminex group.
Charles Santos, Executive Chairman of Aminex commented:
"We are very grateful to Eclipse for their continuing support and for agreeing to put this funding facility in place, should the Company need it. As announced in 2022, the Company has sufficient funds until the end of 2024, when revenues from the Ntorya gas discovery had originally been expected. However, final preparations are ongoing to enable work on the Ntorya development to start and this leads us to now estimate first revenues in mid-2025. We therefore believe it is prudent to arrange this funding now.
"https://www.londonstockexchange.com/news-article/AEX/funding-facility-agreed-with-eclipse-investments/16444014
This could just be The week.
But remember. The licence is only the start. So much newsflow and re-rate to follow the licence.
Good luck
There’s a lot of us believed this was going to multi bag and the jigsaw pieces are all falling into place now imo
Exciting times
Https://www.youtube.com/watch?v=apAArhiBNjc
More gas will be needed to supply Uganda
only sees *******s.
get in early 👍
I'm sure it's had nothing to do with Brexit!
"Companies worth about £100 billion are on the way out of the London Stock Exchange so far this year, either by being bought up or via moving the main home for their shares overseas, and experts fear there is much more to come."
"Research by the Evening Standard and investment bank Peel Hunt shows that companies worth over £26 billion have already agreed to be sold in 2024, to other listed firms or private equity."
https://www.linkedin.com/posts/peel-hunt_crisis-time-the-london-stock-exchanges-activity-7189633773209042946-TZZ8
Enjoy your weekend don't get to drunk celebrating
Is that a blue finish ?!
Was that a pig flying past ?
Poor old RoJo deeply worried as he is that our investment is looking likely to be successful, he comes with a sardonic pearler, wishing Crusty a good weekend ! Yuk.
"IMVHO they will reimburse their share of costs for NT-1 and NT-2 as these will both be commercial wells."
Yes, no, I'm no expert, but I'll tell you what, we will find out pretty soon. 🙂😀
BG,
IMVHO they will reimburse their share of costs for NT-1 and NT-2 as these will both be commercial wells.
...and we wish you a happy weekend too Crusty.
The main market is UP today, so hopefully your other investments have made up for this one !
" for reimbursing the joint venture partners with the parastatal’s proportionate share of development capital expenditure on the licence to date."
I think the wording that is prominent there is Development. ??