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.