RE: Aminex update25 Feb 2020 07:15
Aminex announces the following update regarding the Company's ongoing operations in Tanzania and other corporate matters.
Highlights:
· APT and Aminex have agreed that upon completion of the Farm-Out and the transfer of operatorship to APT, they will seek permission from the Joint Venture and the Tanzanian authorities to move the contingent elements of the 2020 work programme into the firm budget
· Positive indications in-country that, after a period of reduced corporate engagement, the Government is re-engaging with the international business community to support the country's power demands
· Awaiting formal update relating to (i) the review of production sharing agreements ("PSAs"), (ii) formal extensions for the Mtwara and Nyuni Area licences and (iii) the approval of the Kiliwani-North-1 remediation programme; in-country media reports suggest that the PSA review process is near completion
· Ntorya project progressed such that following approval of the tendering and procurement process, the Company can progress operations supporting the ordering of the Long Lead Items shortly thereafter
· ARA Petroleum Tanzania ("APT") has secured offices and staff accommodation
Tom Mackay, Chief Executive Officer of Aminex commented:
"While we continue to engage in constructive dialogue, Aminex and APT are working diligently to progress workflows such that when the approvals are given, we can quickly move into an operational phase and deliver first gas from Ntorya and begin remediation work on Kiliwani. As of yet, no formal update has been received from the Government of Tanzania in regards to our licences, however we have had positive indications in-country that the Government is approaching a place where it can update the international oil companies.
We thank shareholders for their continued confidence in the project and patience during this time of internal government reform. We look forward to updating the market as and when progress is made."
Ntorya Project Update
The Company has prepared and is in the process of receiving approval from the appropriate authorities to proceed for securing the services required to drill the Chikumbi-1 well. The Company is confident that it will pass another significant milestone in progressing the Chikumbi-1 exploration well.
APT is preparing to become functional in country having taken on offices and staff accommodation in Dar-es-Salaam. The Company, with APT, has met with various local contractors as part of the pre-project assessment of locally available services. Services not available in Tanzania will need to be sourced from the broader East African region.
APT and Aminex have agreed, subject to the requirements of the Ruvuma PSA and Joint Operating Agreement ("JOA"), that upon completion of the Farm-Out and the transfer of operatorship to APT, to request approval from the Joint Venture and the Tanzanian authorities to move the contingent elements of the previously approved 2020 Work Program
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