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.

Aminex Gears Up for 2026 Gas Production with Pipeline, CPF & Drilling Momentum

Key infrastructure moves from planning to action as Ntorya gas strategy accelerates

Aminex PLC is entering a transformational phase in Tanzania’s Ruvuma Basin as construction and drilling preparations advance toward first gas in 2026. With the full backing of the Tanzanian government and TPDC, the Ntorya development is finally gathering visible momentum—offering long-term value upside for shareholders.

🚧 Pipeline & CPF: A 30 km Link to Market

The 30-kilometre gas pipeline connecting Ntorya to the Madimba Gas Plant has been awarded to industry heavyweight China Petroleum Pipeline Engineering (CPPE), with equipment from CPTDC.

• Mobilisation begins: September 2025

• Pipelaying window: January to July 2026

• Project completion: By July 2026

The Central Processing Facility (CPF) will be built at Ntorya, ensuring direct feed into Tanzania’s national gas infrastructure.

For context: a 30 km pipeline is modest in scale for CPPE, which routinely handles 500+ km builds globally. This adds further confidence in timeline discipline.

🛠️ Drilling Plans: Rig Options & Timeline

Following PURA’s approval of the rig tender strategy in August 2025, the operator ARA Petroleum has already issued Expressions of Interest (EOIs)—ahead of schedule.

Candidate rigs include:

• Exalo Rig 202 – active in Zimbabwe; likely available late 2025 after Invictus campaign

• PR Marriott rigs – currently in Kenya

• Nabors rigs – in Uganda

• ARA’s own Oman-based fleet – with three active rigs that could redeploy within 3+ months

🎯 Drill Timing:

• Optimistic spud: December 2025

• More likely: January–February 2026

🌍 Government Support + Investor Upside

With a 25-year Development Licence in hand and the full cooperation of Tanzanian authorities, Aminex stands to benefit from:

• Favourable PSA terms

• 50% annual cost recovery from production revenues

• Strong local partnerships through TPDC and regional contractors

📊 Resource Potential: Strong Base, Big Upside

• Certified 2C net reserves: ~0.4 Tcf

• Full basin potential: Estimated 16+ Tcf, with up to 4 Tcf net to Aminex

• Condensate uplift: Up to +15% revenue enhancement

• Oil shows at Ntorya-2 add further exploratory upside

🎨 What’s Next on the Blog

Expect regular updates with simplified graphics, clean infographics, and clear investor messaging. We'll track:

• Pipeline milestones

• CPF progress

• Drilling mobilisation

• Project economics and PSA mechanics

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🔎 Bottom Line

The pieces are falling into place. Aminex is closer than ever to unlocking substantial long-term value at Ntorya—and 2026 is shaping up to be the inflection point.

Stay tuned for more updates as we track every move toward first gas.

Aminex: Rig Strategy and Options for the Ntorya Drilling Campaign

From regional workhorses to ARA’s own fleet, what rigs could deliver the next phase at Ntorya — and when might they spud?

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1. Why the Rig Choice Matters

With pipeline construction equipment due to mobilise this month and the Ntorya gas field poised for its next stage of development, investors are rightly asking: when will the next well be drilled, and which rig will do the job?

The answer lies in the rig tender now under way. PURA has approved the strategy, ARA has invited expressions of interest, and a range of options are now on the table.

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2. Regional Candidates

Several rigs already in East and Southern Africa meet the technical requirements for CH-1 and the NT-1 workover (~1,000–1,500 HP, ~3–4 km depth capability):

• Exalo Rig 202 – currently warm-stacked with Invictus Energy in Zimbabwe. Its two-year extension (signed Dec 2023) suggests availability by late 2025, aligning neatly with Ntorya’s timeline.

• PR Marriott rigs (Kenya) – long track record with Tullow and active in East Africa. A credible bidder with mobilisation experience across the region.

• Nabors rigs (Uganda) – working with Total and CNOOC on Tilenga/Kingfisher, these are world-class units that may rotate out as Ugandan projects mature.

• Chinese rigs – subsidiaries of Sinopec and CNPC often respond to tenders in the region; they can field suitable units if scheduled availability matches

It’s also possible that a Chinese drilling rig could ultimately be selected. With CPPE and CPTDC already trusted to deliver the pipeline, and China’s wider history of energy infrastructure in Tanzania, investors may wonder if this confidence extends to drilling services too. While the pipeline award does not automatically link to a drilling contract — these are separate scopes of work — the idea of a CNPC or Sinopec drilling unit entering the tender is credible. If it happened, it would underline Tanzania’s comfort with Chinese delivery capacity, while still leaving room for strong competition from Exalo, PR Marriott, Nabors, and others.

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3. The ARA Oman Option

ARA Petroleum also operates a fleet of rigs in Oman. In May 2025 they were running three concurrent rigs in Block 44. If Omani operations wind down, ARA could redeploy one of their rigs to Tanzania.

• Pros: Full operator control, proven rigs, known crews.

• Cons: Requires demobilisation, shipping to Mtwara, and land transport inland — at least 3+ months lead time.

While speculative, this option demonstrates ARA’s flexibility if regional rigs cannot be secured in time.

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4. Timing — December or Early 2026?

• December 2025: Possible if a regional rig (e.g., Exalo or Marriott) is freed quickly and mobilisation is fast-tracked.

• January–February 2026: More realistic if tendering, contracting, and mobilisation take their usual course.

• Alignment with pipeline: Either way, spudding before or during the early pipeline construction phase ensures CH-1 and NT-1 can contribute volumes once first gas flows in mid-2026.

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5. Why Investors Should Be Confident

• Multiple credible rig pools exist within East and Southern Africa.

• ARA has its own fleet as a fall-back option, underscoring their commitment.

• Timelines align with pipeline completion in July 2026 — ensuring gas can move to market.

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📌 Closing Line:
“The next well at Ntorya is not a question of if, but when. With regional rigs available, ARA’s Omani fleet as a fall-back, and Tanzania’s regulators moving the process forward, the spud window is now clearly in sight — whether as early as December 2025 or into early 2026.”

Aminex Spotlight: Why Our Ntorya–Madimba Pipeline Contractors Are Among the Best

Why China Petroleum Pipeline Engineering and China Petroleum Technology & Development are the right partners to deliver Ntorya’s critical link to the grid—on time, safely, and at scale.

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1. Introducing the Contractors

China Petroleum Pipeline Engineering Co. Ltd. (CPP/CPPE)

• A CNPC subsidiary and one of the world’s leading pipeline builders

• Track record includes 130,000 km of onshore pipelines, 500 km offshore, storage terminals, and underground facilities across 50+ countries

• Key landmark projects: the $3.3bn Habshan–Fujairah oil pipeline in UAE (operational by 2012); flagship West-East Gas Pipeline and Myanmar–China Pipeline

• Awarded national quality prizes (e.g., 2016 Luban Award for Myanmar pipeline)

China Petroleum Technology & Development Corp. (CPTDC)

• Another CNPC affiliate, CPTDC focuses on technical services and equipment for oil & gas operations.

• Globally active with 53 offices, supplying drilling rigs, workover rigs, and over 5,000 km of pipeline equipment

• Manages full lifecycle support—from procurement to commissioning and after-sales, with ISO/API certifications

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2. Reliability & Capacity to Execute Multiple Projects

• CPP has consistently executed mega-scale pipelines globally, often running projects simultaneously across continents.

• By contrast, the Ntorya pipeline is a homogenous 30 km project, a minor undertaking in their portfolio—it’s operationally compact and fast-trackable.

• Their active project management systems, deep regional experience, and ability to mobilise mid-sized dedicated teams make them well equipped for this assignment.

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3. Understanding the Ground Realities—What They’ll Overcome in Tanzania

• Terrain includes local farmland and minor water crossings. Similar terrain—river crossings, wetlands and rural landscapes—have been part of CPP’s projects like the China–Russia East Route Gas Pipeline crossing the Yangtze ~70 m underground

• Challenges such as material logistics, handling monsoon weather, and community sensitivity are well within CPP and CPTDC’s wheelhouse due to previous African, Middle East, and Asian projects.

• They’ll leverage local contracts, operate under strong HSE protocols, and deploy their advanced welding and inspection tools, including their self-developed “Four Full-Capacity” systems.

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4. What This Means for Aminex Investors

• Project Scope: 30 km, straight-line, within-known terrain → straightforward logistics.

• Schedule Confidence: Mobilisation starts Sept ’25; pipelaying Jan–July ’26, which is short, manageable, and fits industry norms for this scale.

• Risk Mitigation: Contractor selection gives confidence—both in building competence and experience across simultaneous large-scale projects.

• Execution Edge: CPTDC ensures that technical challenges—from heavy lifting to commissioning—are matched with responsive support and global-standard quality.

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Summary Table

Attribute	CPP / CPTDC Strength
Size & Scope	Global-scale experts, this project is small-scale
Delivery Track Record	Major pipelines delivered ahead of schedule
Local Conditions	Tropical, flooding, and rural logistics familiar territory
Dual Project Delivery	EACOP and Ntorya pipelines overlap timelines; CPP handles both
Technical Depth	Advanced welding, inspection, and commissioning tools

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Bottom line:
Selecting CPP and CPTDC brings elite-level pipeline execution capability to Ntorya’s infrastructure. What may appear as modest work is well within their capability—and using these trusted contractors significantly lowers delivery risk for investors.