Aminex Clear the Decks — Ready for Lift-Off

Ntorya enters full construction mode as Aminex positions for take-off

Today’s raise isn’t dilution — it’s preparation.

Aminex has just removed its final financial overhang and positioned itself for the execution phase with precision.

Here’s what the RNS really means:

• Fully funded to first gas. The £2.925m raise covers all running costs through to revenue in 2026. No more funding uncertainty.

• Debt-free. Eclipse’s $1.5m loan (plus interest) is being converted to equity. The company owes nothing.

• Cornerstone backing. Eclipse increased its stake to 27.43%. They’re not just talking conviction — they’re showing it.

• Strategic timing. You don’t clean up the balance sheet like this unless you’re preparing to execute. With the pipeline build locked in and the rig tender now entering the award phase, this was the final move before momentum builds.

This is how professional operators position before lift-off — no loose ends, no distractions.

Ntorya’s development is fully funded, fully carried, and now fully aligned between partners.

The rig award, spud, and production build-out will all follow a straight path from here.

The decks are clear. The engines are starting.

Article thanks to Prospero

Momentum Builds: Aminex Focused on Delivery

Ntorya pipeline moves ahead as East Africa’s largest onshore gas project takes shape

Aminex has taken to social media to underline just how far things have come in the last six months — and just how close we are to seeing first gas. The company’s latest update highlights the transition from preparation to delivery, with Ntorya now firmly in construction.

Construction Under Way

The award of the Ntorya-Madimba pipeline contract is the pivotal milestone. Procurement has already begun, groundworks are scheduled for early 2026, and commissioning is targeted for mid-year. This isn’t planning on paper — it’s execution on the ground.

As Aminex noted:

“The Ntorya Gas Development has now advanced definitively into its construction phase… This milestone has in turn catalysed wider activity on the ground and across the project.”

An Expanded Vision

In parallel, operator APT has submitted a revised Field Development Plan. This is no small tweak. It lays out:

• A 35-year production horizon

• A phased development approach

• A materially higher long-term gas plateau than previously envisaged

The scale is transformative. Ntorya has the potential to deliver more gas than Tanzania currently produces as a nation, underpinning power generation, industry, and economic growth for decades to come.

From Restructure to Revenue

The past few years were about restructuring and positioning. That stage is now complete. Aminex is entering the second half of 2025 with:

• A clear pipeline construction schedule

• Strong operator and government support

• A free carry through development to material revenues

The focus is now squarely on delivery and value growth.

Ntorya: A Central Role in Tanzania’s Future

As Aminex put it:

“As the largest onshore gas development in East Africa, supported by a stable regulatory environment, expanding domestic demand, and long-term licence tenure, Ntorya positions Aminex to play a central role in Tanzania’s energy future.”

That’s the big picture. Aminex isn’t simply progressing a gas project — it is part of a national transformation.

Aminex Turns the Corner: First Gas in Sight and Fresh Life for Kiliwani

Positive signals from the latest Interim Management Report

Friday’s RNS marked a genuine turning point for Aminex. For the first time in years, management has not only confirmed Ntorya’s rapid progress into construction — but also opened the door once again to future activity at Kiliwani and Nyuni. That’s a big statement of intent, and it suggests the company is in a far stronger and more confident position than many might have expected.

A Stronger Foundation

Executive Chairman Charles Santos set the tone clearly:

“The Ntorya Gas Development has now advanced definitively into its construction phase, following the award of the Ntorya-Madimba pipeline contract. This milestone has in turn catalysed wider activity on the ground and across the project.”

This is not vague promise; it is pipeline contracts awarded, procurement already under way, and a clear timetable: pipelaying begins January 2026, with first gas targeted for mid-year.

Ntorya isn’t a small play. With a 35-year horizon, production is expected to hit a plateau of 280 MMcfd — more than Tanzania’s current total output. Initial production from NT-1, NT-2 and CH-1 alone is expected at 60 MMcfd, with revenues for Aminex to follow swiftly thanks to the free carry deal still in place.

The Importance of Seismic and Planning

APT’s expanded Field Development Plan was built on the 338 km² of 3D seismic shot in 2022–2023. This data has given unprecedented clarity, derisking the next phases and cementing Ntorya as the largest onshore gas development in East Africa.

For Aminex shareholders, this means a foundation not just for near-term revenue, but for sustained value over decades.

Kiliwani and Nyuni Back on the Agenda

Perhaps the most striking part of the statement was this:

“Once Ntorya production and revenues are established, Aminex expects to refocus on the Kiliwani North Development Licence and the Nyuni Area PSA.”

This is the first time in several years that Kiliwani has featured in company messaging. The fact it is being brought back into the conversation now signals renewed ambition. A targeted 3D seismic programme at Kiliwani and a reshaped Nyuni work programme could add a further leg of growth — and importantly, the confidence to talk about them is itself a sign of strength.

Lean and Supported

Financially, Aminex remains disciplined. Operating costs are just $0.92m for the period, with Eclipse Investments continuing to provide backing via a $3m working capital facility. Crucially, the 2020 farm-out still means Aminex is carried through development costs until revenue arrives — removing risk and preserving upside.

Outlook: Momentum and Delivery

The company closes the half-year with momentum firmly on its side. The preparatory phase is complete. Construction is under way. Gas sales are on the horizon. And for the first time in years, Aminex is openly signalling its intention to go beyond Ntorya.

That is why Friday’s RNS matters. It’s not just about timelines and contracts — it’s about confidence. The mention of Kiliwani is a reminder that Aminex’s story is bigger than one field, and that management is now looking further down the road with optimism.

Aminex: From Acorn to Oak – Chapter 10: To Be Continued

The road to first gas from Ntorya

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Every story has a turning point, and for Aminex the next one is close at hand. With the discoveries made, the farm-out secured, and the seismic reinterpreted, the company now stands on the threshold of delivery. The years of exploration, frustration, and patience are about to give way to a new reality: first gas from Ntorya.

The foundations are already being laid:

• The Central Processing Facility (CPF) soon under construction, designed to handle volumes far beyond anything Kiliwani ever produced.

• A dedicated pipeline to Madimba will connect Ntorya directly into Tanzania’s national grid.

• The upcoming Chikumbi-1 (CH-1) well is set to provide the final data, confirming reserves and opening up deeper horizons.

For Aminex shareholders, the prize is tangible. With a 25% free-carried interest, the company is positioned to receive an expected $40 million net cashflow per annum once the Ntorya field is on stream. That’s not blue-sky speculation — it’s a contracted pathway underpinned by infrastructure already in build.

For Tanzania, Ntorya is about more than cashflow. It’s about energy security, powering industry, and supporting economic growth with domestic supply. Aminex’s journey from a struggling junior to a long-term gas partner mirrors the country’s own transition toward energy independence.

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So the oak tree has not yet fully spread its branches, but the trunk is strong, the roots are deep, and the first harvest is within reach.

➡️ The story continues. The next RNS will write the next page — and when first gas flows from Ntorya, Chapter Eleven will begin.

Aminex: From Acorn to Oak – Chapter 9: Seismic & Scale-Up

The data that turned a discovery into a giant

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With the farm-out complete and funding secured, the stage was set for the next big step: a fresh look beneath the surface. Until then, Aminex and its partners had relied mostly on 2D seismic data and the encouraging results of Ntorya-1 and Ntorya-2. It was enough to prove hydrocarbons, but not enough to map the full extent of the resource.

That changed when 3D seismic was acquired across the Ruvuma acreage. For the first time, the subsurface could be seen in high resolution. The results were striking. Structures that had been hinted at on 2D were revealed in detail. Reservoir connectivity was better understood. New drilling targets came into focus.

Most importantly, the numbers jumped. Independent assessments, incorporating the new seismic data, lifted the estimated gas in place from the hundreds of billions of cubic feet into multiple trillions. Ntorya was no longer just a promising field — it was Tanzania’s largest onshore gas development in the making.

For Aminex, still holding its 25% interest on a free carry, the upgrade was a game-changer. The farm-out had already ensured the company would not be bankrupted by development costs. Now the seismic confirmed that the upside was far greater than originally imagined. A quarter share of a small discovery is one thing; a quarter share of a multi-TCF basin is quite another.

The new seismic also laid the technical groundwork for the Chikumbi-1 (CH-1) well. Designed to test deeper zones and provide further calibration of the seismic data, CH-1 would help convert gas in place into booked reserves — the critical step for financing and long-term planning.

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For shareholders, the 3D seismic was the moment the story shifted gears again. Ntorya wasn’t just commercial — it was strategic, both for Tanzania’s energy security and for Aminex’s future.

➡️ Next time: Chapter Ten — To Be Continued. With the CPF under construction, pipeline contracts in place, and CH-1 on the horizon, the next RNS will carry the story into first gas and the long-awaited cashflow era.

Aminex: From Acorn to Oak – Chapter 8: Farm-out & Transformation

From survival mode to a funded path to production

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By 2018, Aminex had drilled two successful Ntorya wells, proving the Ruvuma basin’s scale. The problem was simple but stark: how could a junior with a stretched balance sheet fund a multi-hundred-million-dollar development?

The answer arrived in July 2018, when Aminex struck a farm-out agreement with ARA Petroleum Tanzania (APT), part of the Zubair Corporation of Oman. Under the deal:

• ARA would acquire 50% and take over operatorship.

• Aminex would retain 25%.

• Solo Oil continued to hold 25%.

The deal was approved by shareholders in early 2019, and completed in October 2020 after the long list of Tanzanian approvals was ticked off. For the first time in years, Aminex wasn’t scrambling for cash — it had a partner with the capital and the will to deliver.

The terms were transformational. Aminex secured:

• A $35 million carry through to production — meaning ARA would fund the development work while Aminex kept its 25% interest.

• Once gas flowed with the field under development, Aminex’s net cashflow was expected at $40 million per annum, without having shouldered the development costs.

For a company of Aminex’s size, it was nothing short of a lifeline. The burden of raising capital was lifted. The constant worry about dilution was gone. For the first time, Aminex could look forward with clarity: fully exposed to production upside, but without the crippling cost of building the project.

Meanwhile, the ownership picture shifted again in 2022, when Solo Oil (by then Scirocco Energy) exited Tanzania. Its 25% stake in the Ruvuma PSA was acquired by ARA, giving the operator 75% and leaving Aminex steady at 25% non-operated interest.

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For investors, the farm-out was the moment Aminex’s survival story became an investment story again. Years of scraping by on placings and hope were over. The company was now free-carried into production on a field with billion-cubic-foot potential — a rare position for any junior in the sector.

➡️ Next time: Chapter Nine — Seismic & Scale-Up. With 3D seismic acquired and interpreted, Ntorya’s potential leapt from hundreds of billions of cubic feet into multiple trillions, redefining the project as Tanzania’s largest onshore gas development.

Aminex: From Acorn to Oak – Chapter 7: The Ruvuma Basin Story

Ntorya’s promise and the wells that proved it

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If Kiliwani North was Aminex’s proof of concept, the Ruvuma basin was always the real prize. Stretching across southern Tanzania and into Mozambique, this frontier play had the scale to change the company’s future — if it could be unlocked.

The first breakthrough came in 2012 with the drilling of Ntorya-1 (NT-1). The well flowed at around 20 MMcfd of gas, with light condensate. For the first time, Aminex had a discovery of material size — one that could support development rather than just prove hydrocarbons existed.

Five years later, in 2017, the partners drilled Ntorya-2 (NT-2). This wasn’t just a repeat exercise — it was confirmation. NT-2 flowed at rates above 17 MMcfd and extended the known limits of the reservoir, it even brought the excitement of oil shows in the mud cuttings! With two wells delivering strong results, independent assessments began to point to hundreds of billions of cubic feet, and potentially over a trillion cubic feet, of gas in place.

For Aminex, NT-1 and NT-2 were transformational. Together they showed that Ruvuma wasn’t a marginal basin — it was one of East Africa’s most exciting undeveloped gas assets. But success brought a new problem.

Big discoveries demand big money. Building a processing plant, drilling more wells, and laying a pipeline to Madimba would cost hundreds of millions of dollars. For a junior like Aminex, already stretched by years of exploration, that scale of capex was impossible to fund alone.

It left the company at a crossroads: hold onto the prize and risk running out of money, or bring in a heavyweight partner with the resources to carry it forward..

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The Ntorya discoveries proved the potential. The next challenge was to secure the funding and expertise to turn them into production.

➡️ Next time: Chapter Eight — Farm-out & Transformation. We’ll follow how Aminex brought in ARA Petroleum, secured a $35m+ free carry, and positioned itself for a share of future cashflow without the burden of development costs.