Aminex PLC - oil and gas explorer focused on Tanzania - Notes that ARA Petroleum Tanzania Ltd has presented Ruvuma joint venture partners with an updated work programme and budget for the rest of 2020 and for 2021, proposing planned roadmap towards first gas from Ntorya discovery. Aminex previously announced it has completed its farm-out with ARA Petroleum Tanzania, which took ownership of the Ruvuma PSA. Scirocco Energy PLC, which completed farm-out of 50% of its ownership in the Ruvuma PSA to ARA Petroleum Tanzania also notes the news.
Joint venture identifies completion of full field development plan as a primary and crucial element needed to progress Ntorya towards submission for a 25-year development licence. ARA Petroleum Tanzania is now preparing to acquire a 454 kilometres 3D seismic survey, well in excess of minimum licence commitments.
"The work programme and budget for 2020/2021 anticipates a gross JV expenditure of approximately USD23 million, for which Aminex is fully carried for its 25% interest, and is expected to see the acquisition of the 3D seismic, pre-spud activities for the Chikumbi-1 well, negotiations of the commercial terms for the development licence, and the application for a further 1-year licence extension. [ARA Petroleum Tanzania] plans to spud the Chikumbi-1 well in Q1 2022 and to submit the [full field development] before the end of 2022," Aminex says.
Current stock price: Animex 0.80 pence; Scirocco 1.47p
Year-to-date change: Aminex down 18%; Scirocco up 55%
By Anna Farley; annafarley@alliancenews.com
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