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Ruvuma Operations Update

1 Nov 2022 07:23

RNS Number : 8758E
Aminex PLC
01 November 2022
 

1 November 2022

 

Aminex plc

("Aminex" or "the Company")

 

Ruvuma Operations Update

Aminex has been informed of a delay to the spud date of the forthcoming Chikumbi-1 ("CH-1") well by the operator, ARA Petroleum Tanzania Limited ("APT"). Due to ongoing negotiations with the Tanzanian authorities and contractors, Aminex has been advised that the expected spud date for CH-1 has now slipped to March 2023 due to rig availability. The Company is however pleased to provide the market with an update on current operational activities:

· APT and the Tanzania Petroleum Development Corporation ("TPDC") are in advanced negotiations to accelerate gas production from the Ntorya gasfield. The proposal, following the successful drilling of CH-1, is to utilise the newly drilled well and the existing suspended gas producers, Ntorya-1 ("NT-1") and Ntorya-2 ("NT-2"). This is expected to lead to gas production and receipt of production revenues in early 2024, almost 12 months earlier than originally envisaged. 

· The acceleration of production through the initial three wells is strongly supported by the Tanzanian authorities and is based on the following:

Commitment by the TPDC to construct a 30 km pipeline as soon as possible to tie the Ntorya gasfield into the existing Madimba processing and pumping station.

The incorporation of three producing wells - CH-1, NT-2 and NT-1, the latter of which will be worked-over after the drilling of CH-1 to repair a minor leak in the casing string.

The three wells are expected to produce at least 60 mmscfd in aggregate.

The estimated gross capital budget for 2023, which has been approved by the joint venture partners, is US$30.8 million, includes the processing and interpretation of the 3D seismic data, drilling and testing of CH-1, re-entry and work-over of NT-1, together with the purchase of the necessary manifold, flowlines, fiscal meters and hook-up system to facilitate early production.

Early production success, from the initial three well development, will see the drilling of up to five additional development wells taking the expected field gas production to rates in excess of 140 mmscfd, as previously reported.

· Negotiations continue regarding the finalisation of gas terms and gas pricing.

· The Ruvuma 3D seismic acquisition programme, the largest 3D survey to have been conducted to date in onshore East Africa, completed on 9 October 2022 and the processing and interpretation of data will continue into 2023.

Aminex, with a 25% non-operated interest, is carried throughout the ongoing work programme to a maximum gross capital expenditure of $140 million ($35 million net to Aminex). The carry will see the Company through to the commencement of commercial gas production from the Ntorya gasfield, now scheduled for early 2024, and to increased production from full field development at zero cost to the Company, which envisages the drilling of up to five additional wells in 2024. APT's revised mapping and internal management estimates currently suggest a risked prospective gas in place ("GIIP") of 3,024 Bcf

 

(gross basis, mean case) within multiple reservoir sand lobes and a prospective risked recoverable gas resource of 1,990 Bcf (gross basis, mean case), which will be confirmed in due course by the recently acquired 3D seismic data.

Charles Santos, Executive Chairman of Aminex commented:

"Whilst I am disappointed to announce a delay in the spudding of the important CH-1 well, the acceleration of production is a game changer for all stakeholders in the Ruvuma development and will halve the time to gas production from Ntorya and receipt of revenues to the Company. The advanced negotiations on fast-tracking production reflects a strong desire of the Tanzanian authorities to bring additional gas to the market as soon as possible and the steadfast commitment of the Operator to move this project forward at an enhanced pace for the benefit of all parties involved. We would like to thank APT and the Tanzanian authorities for their cumulative efforts in continuing to progress the project."

 

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

 

For further information:

 

Aminex PLC

+44 203 355 9909

Charles Santos, Executive Chairman

Davy

+353 1 679 6363

Brian Garrahy

 

Shard Capital

+44 20 7186 9952

Damon Heath

 

 

 

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UPDFIFFDLLLLIIF
Date   Source Headline
3rd Feb 20147:00 amRNSFORMAL ADDENDUM TO RUVUMA PSA
30th Jan 20145:49 pmRNSIssue of Prospectus and Circular
30th Jan 20144:40 pmRNSSecond Price Monitoring Extn
30th Jan 20144:35 pmRNSPrice Monitoring Extension
30th Jan 20148:13 amRNSPlacing and Open Offer Update
30th Jan 20147:00 amRNSPlacing and Open Offer
9th Jan 20147:01 amRNSDirectorate Change
9th Jan 20147:00 amRNSOperational Update
9th Dec 20137:00 amRNSCorporate Update
19th Nov 20137:00 amRNSInterim Management Statement
31st Oct 20137:00 amRNSKiliwani North Update
30th Oct 20137:00 amRNSExtension of Canyon Oil & Gas Agreement Deadline
14th Oct 20137:00 amRNSCompletion of South Weslaco Disposal
17th Sep 20134:35 pmRNSPrice Monitoring Extension
29th Aug 20137:01 amRNSHalf Yearly Report
29th Aug 20137:00 amRNSSenior Appointments & Corporate Acquisition
28th Aug 20137:00 amRNSSouth Weslaco Gas Unit Sale
20th Aug 20134:35 pmRNSPrice Monitoring Extension
19th Aug 20137:00 amRNSTanzania Update
8th Jul 20137:00 amRNSNtorya Appraisal Licence Awarded
30th May 20137:00 amRNSRuvuma PSA Changes Approved
22nd May 20134:00 pmRNSResult of AGM
22nd May 20137:00 amRNSAGM Presentation
20th May 20137:00 amRNSInterim Management Statement
29th Apr 20135:00 pmRNSAnnual Report and Notice of AGM
28th Mar 20137:01 amRNSPreliminary Results
21st Mar 20137:00 amRNSRuvuma Farm-out Update
29th Jan 20137:00 amRNSRuvuma Farm-out Update
22nd Jan 20137:00 amRNSBoard Change
17th Jan 20137:00 amRNSFINANCING AGREEMENT
19th Nov 20127:00 amRNSInterim Management Statement
8th Oct 20127:00 amRNSRUVUMA PSA FARM-OUT PROCESS
31st Aug 20127:00 amRNSHalf Yearly Report
27th Jul 20127:00 amRNSUPDATE ON MARKETING OF US ASSETS FOR DIVESTITURE
3rd Jul 20124:40 pmRNSSecond Price Monitoring Extn
3rd Jul 20124:35 pmRNSPrice Monitoring Extension
2nd Jul 20127:00 amRNSTANZANIA RESOURCES UPDATE
29th Jun 20127:00 amRNSNyuni Seismic Update
28th Jun 20127:00 amRNSNtorya-1 Test Results
21st Jun 20121:15 pmRNSNtorya-1 Testing Update
30th May 20121:00 pmRNSMARKETING OF US ASSETS FOR DIVESTITURE
30th May 20127:00 amRNSNYUNI AREA SEISMIC SURVEY - TANZANIA
23rd May 20124:00 pmRNSAnnual Information Update
16th May 20124:00 pmRNSResult of AGM
16th May 20127:01 amRNSInterim Management Statement
16th May 20127:00 amRNSAGM Presentation
30th Apr 20127:00 amRNSNtorya-1 Update
23rd Apr 20123:00 pmRNSAnnual Report and Notice of Annual General Meeting
11th Apr 20124:40 pmRNSSecond Price Monitoring Extn
11th Apr 20124:35 pmRNSPrice Monitoring Extension

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