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.

Aminex: From Acorn to Oak – Chapter 6: Challenges and Decline

The pressure problems that forced a rethink

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Every gas field has a natural life. For Aminex, the thrill of first production at Kiliwani North soon met the reality of geology and pressure.

By 2017, just a year after first gas, KN-1 was no longer flowing at its earlier rates. Inlet pressures at the wellhead began to fall, production slipped below 1 MMcfd, and the flare that had once burned brightly was now little more than a flicker.

It was a sobering moment. For a junior like Aminex, Kiliwani had been the showcase asset: the first revenue stream, the proof that Tanzanian gas could be monetised. But as production declined faster than expected, it became clear the field was only ever going to be a modest contributor.

By late 2017, the well was effectively shut-in. Without sufficient pressure to sustain commercial flow, and with little appetite for further drilling in such a small structure, the partners let Kiliwani slip quietly into the background.

For investors, it was a disappointment. After waiting years for first gas, the payday had proved brief. But the experience wasn’t wasted. The GSA, the commissioning of infrastructure, and the operational lessons learned at KN-1 all paved the way for what really mattered: the much larger Ruvuma basin discoveries.

In hindsight, Kiliwani was always a stepping stone. It gave Aminex credibility as a producer, even if only for a short period. It proved that Tanzania’s new pipeline and processing system worked. And it reminded shareholders that small fields can’t carry a company’s future — bigger projects were needed.

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The fall of Kiliwani North closed one chapter, but it opened the next. Attention shifted firmly to the south, where the Ruvuma basin held a prize of a different scale.

➡️ Next time: Chapter Seven — The Ruvuma Basin Story. We’ll trace the Ntorya discoveries, the drilling of NT-1 and NT-2, and the promise of the much larger gas volumes that would redefine Aminex’s future.

Aminex: From Acorn to Oak – Chapter 5: First Gas

 When molecules finally flowed to market

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After years of drilling, licensing, and negotiating, the wait was over. In April 2016, Aminex announced that gas from the Kiliwani North-1 (KN-1) well had finally started flowing into Tanzania’s national grid.

It was a milestone not just for the company, but for the country. KN-1 marked the first time Aminex had moved beyond being a pure explorer and into the ranks of producing companies. Tanzania, meanwhile, gained a new domestic supply source to feed growing demand for power and industry.

The plan was a gradual ramp-up. Initial flows began at modest levels, with volumes increasing step by step over a 90–100 day commissioning phase until the system stabilised at around 25–30 million cubic feet per day. During that period, TPDC was invoiced monthly for gas produced, with payments made in advance under the security arrangements of the GSA.

For investors who had followed the company since the early Nyuni days, this was vindication. After more than a decade of waiting, Aminex could finally show a revenue line on its accounts — in hard US dollars.

It was also proof of concept. Gas from Kiliwani North flowed directly into the new Songo Songo processing plant and then into the pipeline system feeding Dar es Salaam. The whole chain — wellhead to processing to pipeline to end user — was now working. That mattered for the much larger discoveries in the Ruvuma basin, which would one day follow the same route.

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For Aminex, first gas was the reward for persistence. For shareholders, it was proof that the long story of licences, partners, and patient waiting had a tangible outcome. But as so often in oil and gas, the story didn’t end there. Within a year, new challenges emerged.

➡️ Next time: Chapter Six — Challenges and Decline. We’ll follow the pressure problems that reduced KN-1’s flow, forcing Aminex to rethink its strategy and refocus on the bigger prize in the Ruvuma basin.

Aminex: From Acorn to Oak – Chapter 4: Gas Sales Agreement

The signature that turned gas into guaranteed dollars

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By 2015, the pieces were lined up. Aminex had its discovery well, its government development licence, and Tanzania’s new processing plant and pipeline at Songo Songo were finally nearing readiness. What it still lacked was the most important piece of paper in any gas project: a sales contract.

That arrived on 13 January 2016, when Aminex announced that it had signed a fully-termed Gas Sales Agreement (GSA) with the Tanzania Petroleum Development Corporation (TPDC). For the company, it was the milestone shareholders had been waiting on for years.

The terms were clear, simple, and bankable:

• Price: US$3.00 per mmbtu (≈US$3.07 per mcf).

• Currency: Revenues in US dollars.

• Indexation: Annual adjustment using US CPI from 2016 onward.

• Structure: Take-or-pay depletion contract, ensuring TPDC had to either take delivery or pay for a minimum volume each year.

• Security: Monthly payments in advance, secured by letter of credit from Tanzania Investment Bank.

For a junior like Aminex, these terms were gold. Selling at the wellhead meant the joint venture partners didn’t shoulder pipeline or processing fees. The fixed dollar price insulated them from volatile global oil and gas markets. And the take-or-pay clause provided certainty that cash would flow even if volumes were lower than forecast.

It had been a long wait. The discovery was made in 2008, the development licence granted in 2011, and only now — eight years later — was Aminex in a position to sell gas. But when the GSA landed, it transformed the company overnight: a real producer in the making, not just an explorer.

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For investors, this RNS was a watershed moment. Aminex had crossed the line from “exploration story” to “revenue story.” After years of patience, shareholders could finally expect the next announcement to be about gas flowing and dollars in the bank.

➡️ Next time: Chapter Five — First Gas. We’ll follow the moment molecules finally moved from the wellhead into Tanzania’s national grid, and Aminex booked its first ever production revenues.

Aminex: From Acorn to Oak – Chapter 3: Licence to Produce

The development licence that unlocked the field

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A discovery is one thing. Turning it into a producing field is another. For Aminex, that critical step came in April 2011, when the Tanzanian government granted the Kiliwani North Development Licence (KNDL).

The ink on that licence mattered. It meant the authorities agreed that KN-1 was no longer just an exploration curiosity — it was a field with a commercial future. It gave Aminex and its partners the right to plan, invest, and ultimately sell gas into Tanzania’s growing national grid.

By now, the partner list had firmed up:

• Aminex (Ndovu), still the operator with a controlling stake.

• RAK Gas, the Ras Al Khaimah state company.

• Bounty Oil & Gas from Australia.

• Solo Oil, the small-cap that had been steadily increasing its footprint.

This was no longer a solo act. Kiliwani North was a shared project, with multiple parties betting on the same future.

At the same time, reserve work was sharpening the numbers. By 2015, independent estimates put recoverable gas at around 28 BCF (gross, 2C) — not a giant by global standards, but enough to supply the local market for years. For Aminex, it was the bridgehead: a producing asset that could deliver dollar revenues and demonstrate capacity.

The challenge was timing. Tanzania’s infrastructure was still catching up — the new processing plant and pipeline system at Songo Songo had to be completed before first gas could flow. Aminex had the licence, but it still had to wait for the pipes.

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For long-term investors, the KNDL marked a shift in tone. This was no longer a “maybe.” The Tanzanian state had formalised it: Kiliwani North was a producing field in waiting.

➡️ Next time: Chapter Four — Gas Sales Agreement. We’ll see how Aminex translated a licence into a binding contract with TPDC, fixing the price in dollars and setting the stage for first revenues.

Aminex: From Acorn to Oak – Chapter 2: Nyuni & Kiliwani Discovery

 How early wells revealed commercial gas potential

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By the late 2000s, Aminex had weathered its first Tanzanian drills. Nyuni-1 had shown the system worked, and Likonde-1 had hinted at deeper promise. What the company still lacked was the magic word: commercial.

That breakthrough came not far from Songo Songo Island. In 2007, the company spudded Kiliwani-1, followed soon after by Kiliwani North-1 (KN-1). This was a decisive moment: KN-1 cut through a 60-metre gas-bearing interval and flowed at eye-catching rates — around 40 million cubic feet per day on test. For the first time, Aminex could point to a discovery that didn’t just prove hydrocarbons, but suggested they could be produced and sold.

This was the beginning of Kiliwani North as we know it — a modest field in size, but a giant step in confidence.

Behind the drill bits, the company kept building its knowledge base. Seismic campaigns across Nyuni and the surrounding licences tightened up the picture of the subsurface. New partners came in: RAK Gas, Bounty Oil & Gas, Solo Oil — each taking a slice of the action and, in turn, spreading both the cost and the potential reward.

It wasn’t all smooth sailing. Aminex still faced the usual hurdles of a junior explorer: raising cash, meeting licence obligations, and persuading the market that Tanzania was worth the wait. But KN-1 gave them something solid — a well that flowed, a resource that could be monetised, a discovery that put Aminex on the map.

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For shareholders, this was the first time “production” stopped being a dream and became a near-term possibility. It still needed paperwork, partners, and infrastructure. But the direction of travel was clear: Aminex had a discovery capable of feeding into Tanzania’s emerging national gas network.

➡️ Next time: Chapter Three — Licence to Produce. We’ll follow Aminex as the Tanzanian government formally stamps approval on Kiliwani North, granting the development licence that turns discovery into destiny.

Aminex: From Acorn to Oak – Chapter 1: Roots and First Stakes

From Eglinton Oil to Tanzania’s first exploration drills

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Every oak begins as an acorn. For Aminex, the acorn was planted long before Tanzania became the focus of attention. The story starts in the late 1970s with Eglinton Oil & Gas, later reorganised as Aminex PLC in 1991. For years the company roamed widely — taking positions in the USA, Russia, Egypt, New Zealand, even Pakistan. It was a restless, globe-trotting junior explorer, chasing opportunities where it could.

But 2002 marked a turning point. That year Aminex acquired Tanzoil NL and with it a small Tanzanian subsidiary called Ndovu Resources Ltd. Overnight, Aminex had a new frontier: licences stretching over the Nyuni area offshore and the unexplored Ruvuma basin onshore. Few in London had ever heard of Songo Songo Island or Lindi, but Aminex saw potential.

The following year, 2003, the company drilled its first Tanzanian well, Nyuni-1. It wasn’t a commercial producer, but it did something more important: it proved there was gas in the system. For a frontier explorer, that’s the first brick in the wall.

From there, the company pressed on. By 2006, seismic surveys were underway across Nyuni and Ruvuma, partly funded by partners like Hardman Resources. Farm-outs became a survival tactic: Aminex would shoulder the early risk, then bring in bigger players to help pay for the next stage. It kept the show on the road, but at the cost of giving up slices of the prize.

The next big test came in 2010, when the Likonde-1 exploration well was drilled in the Lindi licence as part of the Ruvuma PSA. This was a high-stakes venture with Tullow and Solo as partners. The well cut through more than 250 metres of sandstone with oil and gas shows — geological success on paper. But high-pressure gas influxes forced the operation to be abandoned before reaching its deepest targets.

For investors, it was another let-down. No commercial flow, no revenue. For the geologists, it was confirmation: hydrocarbons were there, just waiting to be unlocked.

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By the close of this first chapter, Aminex had transformed itself. It was no longer just a wandering junior with scattered assets. It was a company with its feet planted firmly in Tanzanian soil — a country that would define its future. Two early wells, Nyuni-1 and Likonde-1, had both proven hydrocarbons but offered no immediate payday.

Still, the conviction had set in: there was a commercial gas story here, waiting for the right drill and the right timing.

➡️ Next time: Chapter Two — Nyuni & Kiliwani Discovery. We follow Aminex as the company moves closer to the breakthrough that would prove Tanzanian gas could finally flow at scale.

Aminex Turns the Corner: Tanzania's Largest Onshore Gas Field Enters Construction Phase

Government Support, Strategic Partnerships & Imminent First Gas Position Aminex as a Long-Term Growth Play

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🚧 Boots on the Ground: Construction Has Begun

Aminex has officially entered the construction phase of the Ntorya Project—Tanzania’s largest onshore gas development. It’s a major step forward for the company and a defining milestone for Tanzania’s energy future.

“This project is of national importance,” says Executive Chairman Charles Santos.
“It’s a path to sustainable growth for Aminex and long-term economic benefits for Tanzania.”

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Strategic Position in Tanzania’s Energy Landscape

Aminex is one of the few listed companies with deep roots in Tanzania’s energy sector. The company entered the country in 2002 and was behind the first gas-to-power delivery from Songo Songo Island in 2016. Now, with the Ntorya gas field, Aminex is again at the center of a high-impact development.

“There’s only one other listed company with our Tanzanian focus,” Santos notes.
“That offers a unique opportunity for investors seeking direct exposure.”

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🤝 ARA Partnership: A Game-Changer

Following financial restructuring and strategic repositioning, Aminex completed a farm-out in 2020 to ARA Petroleum Tanzania, which now holds 75% and operates the Ntorya field. Aminex retains a 25% interest but is fully carried through $140 million of project costs, significantly de-risking its position.

“The project has been sufficiently de-risked,” says Santos.
“We’ve got a 25-year development license, and government funding is in place for the pipeline. We’re approaching revenue.”

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💡 Project Momentum: What’s Already Done?

• ✅ EPC contract awarded to two Chinese engineering firms (CPP & CPTDC)

• ✅ Pipeline mobilisation starting September 2025, construction kicks off January 2026

• ✅ First gas expected July 2026, Aminex revenue begins ~1 month after

• ✅ NT-2 well already ready for hook-up, with NT-1 and CH-1 to follow

• ✅ Initial production of 60 mmcf/day, ramping up to 140 and then 280 mmcf/day in phases

• ✅ Government has approved funding and support, signalling long-term commitment

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📈 Scale and Geology: East Africa’s Largest Onshore Gas Find

The field spans over 300 km² and is estimated to contain 3.45 trillion cubic feet of gas in place.

“We expect to recover 75% of that over 35 years,” says Technical Director Tom Mackay.
“That aligns with our license and gives us an incredibly strong, long-term cash flow profile.”

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⚡ Why Ntorya Matters to Tanzania Now

Tanzania faces a chronic electricity shortfall. While offshore projects are years away, Ntorya offers immediate, onshore, cost-efficient gas—perfect for power generation and industrial growth.

“Tanzania needs gas now—not in five or ten years,” says Santos.
“Ruvuma fills that urgent niche.”

The government’s commitment is evident:

• 🏗️ Fully funding pipeline infrastructure

• 📜 Committed through TPDC’s back-in rights

• 🔁 Working to accelerate drilling approvals and regulatory support

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💬 Aminex Outlook: From Survival to Sustainability

In 2020, Aminex was on the edge—struggling with declining production, paused deals, and COVID-related delays. But fast forward to today, and it’s a different story:

“We’ve survived the hard part,” says Santos.
“Now we’re on the road to stable cash flow and long-term growth. Aminex is back.”

With over $200 million already invested in Tanzania, Aminex is poised to start generating revenues within a year. Once cash flow starts, the company plans to:

• Revisit its Kiliwani asset (potential 3D seismic and reactivation)

• Renegotiate and reshape the Nyuni Area licence

• Continue expanding Ruvuma’s output and infrastructure

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🧠 Investor Takeaway:

• ✅ Construction is now underway

• ✅ Revenue expected Q3 2026

• ✅ Long-term licence with major gas reserves

• ✅ De-risked by carry structure

• ✅ Supported by government infrastructure and policy

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🚀 Final Word from the Chairman

“We’re very optimistic. This is no longer a ‘potential’ story—it’s execution now. Our future is production, revenue, and long-term impact.”

Aminex Momentum: Seize the Entry After the small Pullback

Project Catalysts & Government Backing Align — Here’s Why Aminex Looks Poised for Upside

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Over the past few weeks, Aminex (AEX) has shown strong upward price momentum, followed by a modest pullback in the last two days  — exactly the kind of pattern value‑hunters like. This gives new and existing investors a chance: to buy in at a more favourable level while major project drivers remain intact.

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What We Know: Recent Developments & Catalysts

1. Pipeline & Field Project Milestones Moving Ahead

   • The pipeline from the Ntorya gas field to the Madimba processing plant is now advancing to equipment procurement. Bulk of the pipe & materials are being purchased.

   • Construction equipment mobilisation begins in This Month Groundwork and pipe‑laying will follow in January 2026, with expected completion by July 2026.

2. Drilling & Well Workover Moves Forward

   • The regulatory authority (PURA) has approved the tender strategy for both drilling the Chikumbi‑1 well and doing a workover on the Ntorya‑1 well and EOI deadline has been passed for those wishing to bid.

   • These well operations will add to production capacity once the pipeline is live.

3. Aminex’s Financial Position & Upside Exposure

   • Aminex holds a 25% non‑operated interest in the Ntorya Development Licence area. It is carried through the ongoing work programme up to $140 million in gross expenditure (i.e. $35 million net to Aminex) — meaning it doesn’t have to contribute capital until certain milestones / revenue commencement.

   • Several upcoming value inflection triggers have been identified: awarding of well drilling contracts, pipeline completion, first gas production, and revenue streams.

4. Price Action & Sentiment

   • The share price has climbed significantly over recent months. As of early September 2025, it’s trading around 2.05p to 2.18p (GBX) per share, near its 52‑week high (≈ 2.20p), after recovering from lows of around 0.82‑0.90p.

   • Recent pullback in the last couple of days is modest and fairly typical following strong moves — not necessarily a warning sign so much as a potential entry window.

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Why This Pullback Could Mean Opportunity

• Risk has been haircut: Many of the big uncertainties — regulators, land, pipeline route, environmental & government permits — have been resolved meanwhile the project transitions into procurement and construction, risk from “will it happen?” shifts toward “how smoothly will it be executed?”

• Low upfront cost for Aminex: Because Aminex is carried, its capital exposure until first gas is limited. If the pipeline & field development go to plan, the upside could be high relative to its risk.

• Upcoming catalysts are visible: Investors can mark key dates (equipment mobilisation, pipeline completion, start of gas flows) in their calendars. Each of those is likely to reinforce sentiment & possibly trigger revaluations.

• Valuation gap: Trading near highs but still seeming undervalued if one assumes successful execution & first gas. The pullback allows entry before some of the big milestones are “baked in” by the market.

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Conclusion: Is Now a Good Entry Point?

Yes — for investors who believe in the project’s execution, government support, and energy demand in Tanzania. The recent pullback provides a potentially favourable entry point. The upside risk/reward looks better now than when many of the early uncertainties still loomed large.

Why the Aminex Ntorya CPF Remains Critical — Even with a Raw Gas Pipeline to Madimba

Why Ntorya still needs a CPF—explaining the critical role of field-level gas treatment before transport to Madimba via the raw pipeline.

Following questions about the need for a Central Processing Facility (CPF) at Ntorya — after it became known that the pipeline to Madimba is a raw natural gas pipeline — further investigation confirms that the CPF remains a critical component of Tanzania’s two-stage gas infrastructure.

Understanding the true function of a “raw” pipeline clarifies the issue.

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What Is a Raw Pipeline?

In industry terms, a raw natural gas pipeline — also known as a gathering line — transports unprocessed gas from wellheads to a processing plant. This gas can include water, condensates, sand, carbon dioxide, and other impurities. These pipelines are typically lower-pressure, shorter-distance systems designed to collect gas before it is made pipeline-quality.

In contrast, a natural gas transmission pipeline carries fully processed, dry gas over long distances at high pressures to power stations, cities, and industries.

The planned pipeline from Ntorya to Madimba fits squarely into the “raw pipeline” category: it connects a producing field to a processing plant. But it does not remove the need for initial gas conditioning before transport.

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Why the CPF Is Still Essential

The CPF (Central Processing Facility) at Ntorya performs field-level processing that is critical to both safety and system efficiency:

1. Protecting the Pipeline

• Raw gas straight from the well can contain sand, water, and condensates.

• These materials are highly corrosive and abrasive, and transporting them through 30–35 km of steel pipeline without separation can lead to blockages, corrosion, and operational failures.

2. Compression for Flow

• The CPF compresses the gas to the correct pressure for transport to Madimba.

• Without compression, gas may not flow reliably over the required distance, especially as volumes scale.

3. Dehydration & Impurity Removal

• Moisture in gas can condense and form hydrates in the pipeline — a major flow assurance issue.

• The CPF dehydrates the gas and removes solid or liquid impurities to meet minimum entry standards for transport.

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What Happens at Madimba?

The Madimba Gas Processing Plant, located near Mtwara, is a central hub in Tanzania’s national gas system. It performs:

• Final purification: Removal of CO₂, acid gases, and any residual water.

• Blending: Mixing gas streams from Ntorya, Songo Songo, and Mnazi Bay.

• Metering & Dispatch: Delivering pipeline-grade gas into the national transmission system.

Madimba expects partially treated gas, not unfiltered output from a wellhead. Its infrastructure is not designed to manage raw contaminants at scale — that is the role of the CPF.

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Industry Standard Practice

Globally, two-stage gas processing is the norm:

1. Field-Level CPF: Performs initial treatment, especially of liquids, sand, and basic impurities.

2. Processing Plant: Conducts final conditioning and prepares gas for transmission.

Trying to send untreated gas directly from a wellhead to a central plant 30+ kilometers away is a shortcut that risks damaging infrastructure, reducing uptime, and ultimately impacting commercial viability.

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Conclusion: The CPF Is the Enabler, Not a Redundancy

The fact that a raw gas pipeline connects Ntorya to Madimba does not make the CPF optional — in fact, it reinforces its necessity. The CPF ensures that:

• Gas flows efficiently and safely through the raw pipeline.

• Infrastructure integrity is protected from corrosive and abrasive elements.

• Ntorya can scale up production with operational stability and minimal risk.

In simple terms: the CPF is not bypassed by the raw pipeline — it feeds it. Together, they create a robust, flexible, and expandable gas delivery system for Tanzania’s future energy needs.

Aminex Boots on the Ground: From Engineering Plans to Pipeline Reality

How the Ntorya–Madimba Gas Pipeline Has Transitioned from Paper Designs to Field Mobilisation

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Introduction — What Is the Engineering Phase of a Pipeline Project?

The engineering phase is the foundational period of any pipeline development—bridging conceptual vision and physical execution. Here’s what typically happens during this stage:

• Front-End Engineering Design (FEED):
  Engineers define project scope, pipeline route options, sizing, materials, environmental considerations, and cost estimates.

• Detailed Engineering:
  This involves specifying pipe diameter and materials, stress analyses, hydraulic simulations, cathodic protection design, civil works, technical drawings, and instrumentation schematics.

• Procurement Engineering:
  Preparation of technical specs, vetting suppliers, planning procurement schedules all start here, ensuring materials and equipment align with construction needs.

• Regulatory & Compliance Approvals:
  Obtaining permits, environmental clearances, and conducting safety reviews.

• Constructability Reviews:
  Ensuring the design can be built efficiently and safely, based on input from construction experts.

While primarily office-based, this phase can include limited site-based work—such as route surveys or environmental sampling—but it does not involve full-scale construction or heavy-duty field operations.

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What Milestones Has the Ntorya–Madimba Project Already Achieved?

Here’s a breakdown showing how the project has progressed beyond planning into tangible, on‑site reality:

1. Land Surveys & Route Finalisation

   • All required land has been acquired 

   • Compensation payments totaling approximately 490m Tanzanian shillings have been made to 255 landowners.

2. Completed Engineering Design (FEED and Detailed Design)

   • TPDC has completed all front-end engineering and design works for the ~35 km pipeline to link Ntorya and Madimba.

3. Environmental Impact Assessment (EIA)

   • The EIA has been fully completed, and all compensations resolved.

4. Tendering and EPC Contract Award

   • A restricted tender for engineering, procurement, and construction (EPC) was issued October 2024; the EPC contract was awarded in July 2025 to China Petroleum Pipeline Engineering Co. (CPP) and China Petroleum Technology & Development Corporation (CPTDC).

5. Construction Mobilisation Underway

   • As of August 2025, procurement of pipes and equipment has begun. Mobilisation of construction equipment is set to start in September 2025, with groundwork and pipelaying commencing January 2026 and planned completion by July 2026.

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Conclusion — "Boots on the Ground" Is Officially Here

At this point, the Ntorya–Madimba pipeline has fully moved past conceptual and engineering phases and firmly entered the boots-on-the-ground phase:

• Talent, equipment, and contractors are being mobilised on-site.

• Field activities—from trenching to pipeline installation—are imminent.

• The project has progressed through surveys, environmental clearances, design completion, contracting, and is now gearing up for full construction.

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Why This Matters to Investors

• Low Risk in Pre‑Construction: With land secured, designs finalized, and environmental permits in place, major pre-construction hurdles are cleared.

• Clear Timeline: Procurement and mobilisation schedules are set, providing transparency for planning and expectations.

• Tangible Progress: Movement from plans to physical implementation reduces execution uncertainty.

• Strategic Impact: The pipeline directly supports Tanzania’s domestic gas infrastructure strategy and promises near‑term returns from first gas flows by mid–2026.

From Seismic to Supply: The Ntorya–Madimba Gas Pipeline

A Chronological Overview: Aminex Pipeline (Ntorya–Madimba Project)

Here's a detailed, timeline-based summary of the developments surrounding the Aminex-backed Ntorya–Madimba gas pipeline:

1. Planning & Seismic Survey (Early 2025)

• In early 2025, Aminex and its operator ARA Petroleum Tanzania (APT) formulated an updated Field Development Plan (FDP) for Ntorya, based on results from a comprehensive 3D seismic campaign. This informed a phased development strategy to scale production from ~60 MMscf/d up to 280 MMscf/d through additional drilling over time.

• In October 2024, TPDC issued a restrictive tender for engineering, procurement, and construction (EPC) services for the pipeline.

2. Strategic Agreements & Pipeline Planning (2024)

• Aminex secured a gas sales agreement, and the Development License award paved a clearer path toward monetization.

• The Ntorya-to-Madimba pipeline was positioned as a monetization trigger—a vital channel to realise commercial production.

3. Engineering & Construction Preparations (First Half of 2025)

• On 3 July 2025, TPDC awarded the EPC contract to a consortium of China Petroleum Pipeline Engineering Co., Ltd. (CPP) and China Petroleum Technology & Development Corporation (CPTDC).

• By 14 July 2025, TPDC formally handed over the project site to the contractors, enabling them to start site investigations, detailed engineering, and design.

4. Construction Start & Timeline Confirmation (Mid 2025)

• In July 2025, Aminex confirmed that pipeline construction would commence that same month, aiming for completion by July 2026. The Ntorya‑2 well would begin supplying gas once the pipeline was operational.

• A corporate presentation highlighted these milestones along with strategic contractors being in place, reinforcing the pipeline’s imminent delivery and its integration with national gas infrastructure.

5. Drilling & Tendering Activities (Mid to Late 2025)

• Aminex/ARA presented a tender strategy to PURA for drilling the Chikumbi‑1 (CH‑1) well and executing the Ntorya‑1 (NT‑1) workover. PURA approved this, and APT planned to issue tenders by mid‑August 2025.  The ten day time limit for EOI's ended over the weekend so it can be assumed they are now doing their due diligence on the interested parties.

6. Operations Update & Mobilization (August 2025)

• As of 27 August 2025, TPDC informed the joint venture that:

  • Pipeline procurement had begun.

  • Equipment mobilization would start in September 2025.

  • Groundwork and pipe laying were scheduled from January 2026, with completion by July 2026.

  • Discussions on condensate processing and storage were underway.

  • PURA had approved the expedited tender process for drilling and well services.

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Summary Table: Timeline Highlights

Time Period	Milestone / Development
Early 2025	Seismic data informs updated drilling plan. FDP submitted.
October 2024–2025	Pipeline tender and gas sales agreements facilitate project commercialization.
3 July 2025	EPC contract awarded to CPP & CPTDC.
14 July 2025	Project site handed over to contractors.
July 2025	Construction begins; target completion by July 2026.
Mid‑August 2025	Drilling tender approval and issuance underway.
27 August 2025	Procurement, mobilization, pipe laying schedule and condensate plans announced.

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What's Next? Looking Ahead

• January to July 2026: Ground breaking phased construction, leading to completion and commissioning of the pipeline.

• Shortly after pipeline commissioning: Chikumbi‑1 drilling and Ntorya‑1 workover, with Ntorya‑2 revenue poised to start.

• Mid‑2026 and beyond: First gas deliveries to Tanzania’s domestic market, gradually expanding towards full-scale production (~280 MMscf/d) and condensate integration.

Ntorya Gas: The Hidden Backbone of Tanzania’s Energy Revolution

Why Aminex’s 25% stake in a $5.3B asset is massively undervalued—and essential to powering East Africa’s future.

Tanzania is at a crossroads of transformational change. With one of the fastest-growing populations in Africa, a government-led industrialisation push, and mounting regional energy demand, the country is setting the stage to become East Africa’s energy hub.

At the heart of this vision is the Ntorya Gas Field—a resource-rich onshore gas field discovered by Aminex plc (AEX: AIM) now in partnership with operator ARA Petroleum. While most headlines focus on offshore LNG megaprojects, Ntorya is quietly becoming the real enabler of near-term, high-impact development across power generation, clean cooking, and industrial expansion.

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🛢️ What Is Ntorya and Why Is It Crucial?

Located in Tanzania’s Ruvuma Basin, Ntorya is a discovered and appraised onshore gas resource with independently certified 2C resources of 3.45 TCF (trillion cubic feet). It is strategically located close to existing infrastructure:

• ~35 km to the Madimba Gas Processing Plant (connected to the national grid)

• Within reach of industrial zones, power plants, and LPG bottling networks

• Tied to the government’s pipeline construction timeline, now under execution

In July 2025, TPDC awarded a contract to Chinese EPC firms for the Ntorya–Madimba pipeline, aiming for first gas by July 2026.

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🚀 The Demand Side: Powering Growth and Decarbonisation

1. Electricity for a Growing Nation

Tanzania’s demand for electricity is surging, driven by:

• Industrial expansion (Kwala, Bagamoyo, Mtwara, and 5 new SEZs)

• Urbanisation and regional electrification (Kenya, Uganda, Zambia interconnectors)

• Replacement of expensive diesel generators in off-grid and peri-urban areas

Gas-fired power is a vital component of Tanzania’s Least Cost Power Development Plan, offering a flexible, cleaner alternative to coal and hydro. Ntorya’s gas could support:

• Mtwara’s planned 600 MW gas-fired plant

• Power exports via the Zambia–Tanzania interconnector (commissioning by 2026)

• Stability for the growing SEZ clusters

2. Clean Cooking Revolution

Over 85% of Tanzanians still cook with wood or charcoal, causing:

• Massive deforestation (est. 400,000 hectares lost annually)

• Respiratory diseases linked to indoor air pollution

• Lost productivity and gender-based labour burdens

The government’s Clean Cooking Energy Strategy 2024–2034 aims for 80% adoption of clean cooking solutions by 2034, with LPG and piped gas forming the backbone.

Ntorya—via processing at Madimba and planned bottling/distribution networks—could become a critical feedstock for LPG, accelerating this health and environmental imperative.

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🏭 Ntorya + Infrastructure: Perfect Alignment

The Tanzanian government is making record infrastructure investments, many of which require reliable gas supply:

Infrastructure Project	How Ntorya Supports It
Kwala Industrial Zone (2,000+ industries)	Pipeline link via Chalinze branch
Dar–Chalinze 102 km pipeline	Extends gas grid northward
Mtwara Corridor industrial sites	Direct proximity; gas-fuelled plants
Bagamoyo port/SEZ (700+ industries)	Industrial and export energy needs
5 new SEZs (TISEZA, Aug 2025)	Manufacturing zones require consistent gas/power

This infrastructure is not just domestic—Tanzania is now deeply tied into regional energy trade, with long-term plans for a Dar–Mombasa gas pipeline, power interconnectors to Uganda and Zambia, and LPG exports to neighbouring countries.

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💰 Aminex’s Ntorya Stake: A Multi-Billion-Dollar Revenue Stream in the Making

📦 Step 1: How Much Gas is 0.4 Tcf?

• 1 Tcf = 1 trillion cubic feet

• Aminex’s net discovered share: 0.4 Tcf

• In Mcf (thousand cubic feet):
  0.4 Tcf = 400 million Mcf

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💵 Step 2: Apply Realistic Price Scenarios

Price Scenario	Mcf Value	Gross Revenue
Base Case	$4.00/Mcf	$1.6 billion
Higher Case	$6.10/Mcf	$2.44 billion

Even under conservative pricing, Aminex’s gas could generate $1.6 billion in gross sales over its production life — rising to $2.44 billion using industry tariff averages.

This isn’t speculative: the Gas Sales Agreement (GSA) is signed, and Ntorya’s gas is destined for guaranteed demand through:

• Madimba Gas Plant

• Tanzania’s national grid

• Industrial zones like Kwala and Bagamoyo

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🧾 Step 3: What Does That Mean for Aminex?

While gross sales ≠ net profits, the exercise highlights one thing:

This is a multi-billion-dollar gross revenue stream backed by infrastructure, policy, and market need.

Factors such as:

• The Production Sharing Agreement (55–60% government take),

• Ongoing cost recovery (capex/opex), and

• Multi-year revenue timing

…will shape exact returns. But even adjusted for PSA terms, Aminex’s upside remains enormous.

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📊 Step 4: How It Compares

For context:

• Orca Exploration (operating in Tanzania’s Songo Songo field) averaged over $6/Mcf in 2023 gas sales.

• This validates the $6.10/Mcf industrial pricing used in our high case.

So Ntorya gas is likely to achieve higher-tier pricing, not just the base GSA rate — making the higher revenue scenario entirely realistic.

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🔍 Conclusion: Massive Value, Still Mispriced

With a current market cap around $100 million, Aminex is trading at:

• ~6% of potential gross revenue at base pricing

• ~4% of potential gross revenue at industrial pricing

This level of undervaluation—on a de-risked, demand-backed, GSA-approved, development-ready gas asset—is extraordinary.

As the Ntorya–Madimba pipeline moves toward first gas in 2026, investors have a rare asymmetric opportunity to enter a project with scale, timing, and strategic alignment fully in place.

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🌍 ESG & Energy Transition: A Stronger Investment Narrative

Ntorya is not just a resource—it’s a climate-aligned, impact-driven energy project. It:

• Displaces biomass and diesel with cleaner, reliable gas

• Supports health, education, and gender equity through clean cooking

• Boosts Tanzania’s ability to trade energy regionally and grow sustainably

For impact funds, ESG-aligned investors, or frontier energy portfolios, Ntorya offers high upside with positive social and environmental impact.

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🧠 Final Thoughts: Ntorya Is Not Optional—It’s Foundational

Tanzania’s bold industrial, electrification, and clean cooking goals depend on gas that’s already discovered, already financed, and already being built.

Ntorya is:

• Strategically located

• Nationally prioritized

• Technically de-risked

• Financially undervalued

As first gas approaches in 2026, and pipeline works begin in earnest, the clock is ticking on this unique asymmetrical opportunity. For investors willing to look beyond the offshore LNG fog, Ntorya and Aminex offer clarity, impact, and returns.