Morning Kids5 Feb 2026 10:55
The answer from our Senior hedge fund Analyst:
You’re right: ARA/Zubair have the capital, control and delivery power which is precisely why they are moving this forward, building the pipeline, selecting rigs and pushing to first gas. Aminex’s role is not to “deliver Tanzania’s energy transition” but to own a strategic minority stake in a giant, government-backed gas system being driven by a far stronger partner.
In that sense, Aminex is exactly the type of asset a larger operator would want to absorb once de-risked and that’s why so many of us see partnership progress, not fragility, when we look at AEX.
From here on, the focus is on what’s ahead. No one is worried about a potential buyout ifanything, any takeover would have to come with a clear premium, which would ultimately reward patient shareholders.
If the aim is to talk the price down, you might need a fresher angle the old arguments aren’t landing anymore.
Good debate though …