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

The road to first gas from Ntorya

---

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.

---

---

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

---

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.

---

---

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.

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.

---

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.

---

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.

Beyond Ntorya: Unlocking the 16 Tcf Potential of the Ruvuma Basin

Why future drilling, deeper horizons, and even potential oil could transform Ntorya from a domestic gas play into a basin-scale energy hub.

---

From Discovered to Potential

In our previous article we compared Aminex’s current discovered share of Ntorya gas with Cove Energy’s position in Mozambique back in 2012. That comparison was based on today’s proven gas only — roughly 0.4 Tcf net to Aminex.

But Ntorya sits within the wider Ruvuma Basin, a structure that independent assessments and operator mapping suggest could hold 16 Tcf or more of unrisked gas potential.

This is where the real long-term opportunity lies.

---

Why Basin Potential Matters

Majors don’t just buy into what has already been booked. The Cove Energy bidding war showed that upside scale is what excites strategic buyers.

• Cove’s 8.5% stake equated to ~5–6 Tcf net when sold.

• If future drilling proves out Ruvuma’s 16+ Tcf potential, Aminex’s 25% stake could represent ~4 Tcf net.

• That’s on par with Cove’s net interest — but onshore, with lower development costs and direct access to a growing domestic market.

---

The Jurassic Oil Angle

Ntorya’s story isn’t just about gas. During NT-2 drilling, oil traces were identified in the mud — evidence that deeper horizons could contain liquid hydrocarbons.

Originally, the Chikumbi-1 (CH-1) well was planned to target multiple stacked levels, including the deeper Jurassic formation. The revised location focuses only on gas, reflecting Tanzania’s immediate priority for domestic supply.

But in time, under Full Field Development (FFD), it is reasonable to expect that the Jurassic oil play will be revisited. If proven, this would add an entirely new dimension to Ntorya’s value.

---

Tanzania’s Strategic Positioning

Tanzania continues to strengthen its role as an emerging energy hub. Recent announcements of cooperation agreements with Russian firms on oil and gas data-sharing highlight how the country is seeking to attract wider international partnerships.

While this has no direct bearing on Ntorya’s near-term gas project, it underlines that global players are watching the basin — a positive backdrop for future growth and potential transactions.

---

The Bigger Picture for Investors

For Aminex shareholders, the significance is clear:

• Current discovered gas underpins near-term production and cash flow.

• Basin potential (16+ Tcf) could ultimately give Aminex’s 25% stake net exposure similar to what Cove Energy enjoyed at the time of its billion-pound sale.

• Oil upside offers an additional prize that is not priced into today’s valuations.

• Government and TPDC backing reduce financial risk on key infrastructure, keeping capital efficiency high.

---

Closing Thought

Ntorya today is about gas, CPF construction, and pipeline delivery. But Ntorya tomorrow could be about much more: multi-Tcf basin growth and the possibility of oil.

That dual track of secure near-term gas revenue and longer-term basin-scale upside is what makes the Ruvuma story compelling.

Just as Cove Energy’s 2012 sale proved, when majors see that scale — they act.

Aminex RNS: Ntorya Operations Update Confirms Pipeline and Rig Milestones

Procurement for the Ntorya–Madimba pipeline begins, groundwork scheduled for January, while PURA approves the rig tender strategy.

---

Key Highlights from Today’s RNS

• Pipeline Progress:

  • Contractors have begun procurement of pipe and equipment for the 35 km pipeline linking Ntorya to the Madimba gas processing plant.

  • Mobilisation of construction equipment will begin in September 2025.

  • Groundwork and pipelaying are scheduled to commence in January 2026, with completion targeted by July 2026.

• Condensate Value Addition:

  • Discussions are under way regarding the processing and storage of condensate volumes from Ntorya — an additional revenue stream beyond gas sales.

• Rig Tender Milestone:

  • The Petroleum Upstream Regulatory Authority (PURA) has approved the tender strategy for contracting a drilling rig.

  • The rig will be used to drill Chikumbi-1 (CH-1) and perform a workover on Ntorya-1 (NT-1).

  • Operator APT will request expressions of interest from service contractors next week.

---

Why This Matters for Investors

This RNS confirms that multiple strands of Ntorya’s development are advancing in parallel:

• Pipeline: With procurement already under way and a firm mobilisation schedule, the long-discussed link to Madimba has moved from planning to delivery. A clear timeline to completion by July 2026 provides investors with visibility.

• Rig Tender: PURA’s approval is a regulatory green light that allows the operator to advance into contractor engagement. The drilling of CH-1 and the NT-1 workover will expand production capacity beyond NT-2, underpinning volumes for the GSA.

• Condensate: Monetisation of condensate offers upside beyond gas sales, increasing the value of the project.

Together, these steps strengthen confidence that Ntorya is firmly on its way to first gas, with strong backing from TPDC, PURA, and APT.

---

Aminex Management Comment

Charles Santos, Executive Chairman, highlighted:

“Our discussions with the TPDC and the operator have been extremely fruitful, and we are delighted that activity on the Pipeline is proceeding as planned… PURA has approved the tender strategy, allowing APT to begin the tender process. These developments demonstrate again the Government of Tanzania’s strong commitment to this project.”

---

Investor Takeaway

This update provides:

• Visible progress on the pipeline, with equipment procurement already started.

• Firm dates for mobilisation (Sept 2025), groundwork (Jan 2026), and completion (July 2026).

• Regulatory approval clearing the way for the rig tender and the next phase of drilling.

• Condensate upside adding to the project’s revenue profile.

For shareholders, this RNS delivers the clearest evidence yet that Ntorya’s development is advancing on multiple fronts, backed by Tanzania’s institutions and operator commitment.

Aminex Ara Breaking Ground: Ntorya Moves Closer to First Gas

Visible steps are aligning as infrastructure, wells, and regulatory milestones converge toward production.

---

A Project Now in Motion

The Ntorya development in southern Tanzania is advancing step by step toward its goal of delivering gas into the national grid via the Madimba pipeline. With approvals secured, funding confirmed, and procurement of facilities under way, the project is steadily progressing along its critical path.

Investors are understandably keen to see “hard evidence” — rigs mobilising, welders on the pipeline, or CPF construction above ground. Those milestones are coming, but there is already much happening that gives confidence in the journey ahead.

---

Upcoming Milestones: The Roadmap Ahead

1. EPC Contract Awarded

The Engineering, Procurement, and Construction (EPC) contract for the 35 km pipeline has been officially awarded to China Petroleum Pipeline and China Petroleum Technology & Development Corporation. This ensures the pipeline’s delivery is now in the hands of experienced international contractors.

2. Pipeline Fully Funded

The pipeline construction is being fully financed by TPDC, the national petroleum corporation. This reduces financial risk for the operators and demonstrates the Tanzanian government’s strong commitment to bringing Ntorya gas to market.

3. NT-2 Extended Well Test & CPF Integration

NT-2 has been identified as the first producing well. An extended well test will confirm reservoir behaviour and fine-tune the CPF’s design specifications. Importantly, this does not delay CPF construction — procurement and enabling works can proceed in parallel, with the test results helping optimise the final equipment setup.

4. PURA Approval for Rig Tender

The regulator, PURA, is reviewing rig tender plans. Approval of this plan is a milestone in itself, as it enables the operator to issue the formal rig tender.

5. Rig Award and Mobilisation

Once the tender is awarded, a drilling rig will be mobilised. Its first task: drill CH-1 (Chikumbi-1). The same rig will then conduct a workover of NT-1. This is a crucial step in adding redundancy and ensuring multiple wells can feed into the CPF and pipeline.

6. CPF Civil Works and Site Preparation

The approved US$41 million budget includes the CPF, flowlines, manifolds, and fiscal meters. While there has been no formal announcement of CPF mobilisation, satellite imagery in the wider Ntorya area shows ground activity that could indicate early site preparation. This should be regarded as an educated observation, not official confirmation.

Such early groundwork is entirely consistent with the development sequence — clearing land, preparing foundations, and creating storage areas typically begin before heavy equipment arrives, ensuring a smooth transition into construction.

7. First Pipeline Welds

The first welds on the pipeline right-of-way will provide unmistakable, visible proof of progress. This is one of the clearest signals investors can look for as the project enters the physical build stage.

8. First Gas Flow

All of these steps lead to the same target: the delivery of 40 MMscf per day under the Gas Sales Agreement in the first contract year, with capacity to grow further.

---

Investor Takeaway

Milestone	What It Demonstrates
EPC awarded	Contractors in place, work authorised
Pipeline funding by TPDC	Full state backing, no financial burden on operator
NT-2 extended test	Optimises CPF design, not a blocker
PURA approval for rig tender	Regulatory progress, green light to issue tender
Rig award & mobilisation	Visible drilling and well activity
CPF enabling works	Site preparation under way, consistent with plan
First pipeline welds	Physical build begins in earnest
First gas	Contracted supply of 40 MMscf/d delivered

---

Conclusion

Ntorya is progressing through a clear sequence of milestones. Some are less visible than others, but each is a step toward first gas. With the pipeline EPC awarded, funding secured, and wells prepared for development, the project is firmly moving forward.

The next stages — rig mobilisation, CPF civil works, and the first pipeline weld — will provide the visual proof that investors are waiting for. From there, Ntorya transitions rapidly from preparation to production, with 40 MMscf/d contracted under the GSA and a scalable pathway for growth.

Ntorya Aminex ARA First Gas: Pathways to Production

How multiple wells and facilities could support the journey to first gas at Ntorya.

---

A Project Moving Forward

The Ntorya development in southern Tanzania continues to progress toward its goal of delivering gas into the national grid via the new 30 km pipeline to Madimba. With approvals, budgets, and land acquisition in place — and procurement of key facilities already under way — the project is steadily advancing along its critical path.

---

The Role of NT-2

Public updates to date have consistently named NT-2 as the first well scheduled to deliver gas into the new system. Flowline rights of way have been secured, and the well is expected to be ready in line with pipeline completion.

NT-2’s early contribution would demonstrate that the infrastructure works as designed and confirm the start of Ntorya’s commercial life.

---

Beyond NT-2: The Next Wells

While NT-2 is the immediate focus, there is a broader plan:

• CH-1 (Chikumbi-1): a new well to be drilled with a conventional rig.

• NT-1 Workover: returning one of the earlier discovery wells to production using the same rig once CH-1 is complete.

Land has already been acquired for the CH-1 pad, and all tubulars and wellhead equipment are ready. Regulatory agencies have indicated that they want the rig tender expedited — underlining the importance of getting CH-1 and NT-1 online quickly after NT-2.

---

Processing Facilities and Flowlines

The approved US$41 million development budget includes:

• The Central Processing Facility (CPF) at Ntorya,

• Flowlines and hook-ups for NT-1 and NT-2,

• Gathering manifolds and fiscal metering.

This confirms that full upstream facilities are part of the current phase — not just temporary or mobile systems.

---

Looking at Possible Scenarios

Based on information released so far, there are several possible ways the project could unfold:

1. NT-2 First Gas – As officially stated, NT-2 comes online first, delivering initial volumes into the CPF and pipeline.

2. Reinforcement from CH-1 and NT-1 – These wells follow rapidly, ensuring that contractual volumes are comfortably met and sustained.

3. Parallel Build-out – NT-2 begins the process, while CH-1 and NT-1 are accelerated to underpin production, giving the field multiple producing sources from an early stage.

All three scenarios lead to the same outcome: Ntorya gas flowing into the Madimba plant and on into the national grid.

---

Why This Matters for Investors

For investors, the key message is that Ntorya is not reliant on a single well. The project is structured with multiple paths to delivery, a fully funded facilities budget, and strong government support for expediting the programme.

Whether first gas flows solely from NT-2 or from a combination of NT-2, CH-1, and NT-1, the end result is the same — a producing gas field with infrastructure in place and a guaranteed market under the Gas Sales Agreement.

---

Closing Thought

Ntorya’s journey to first gas is not a straight line but a set of carefully managed options. That flexibility is a strength, giving the operator and Tanzania’s energy system more than one way to reach the finish line.

For investors, it is reassurance that the project has the resilience and scope to meet its commitments and deliver on its long-term promise.

Aminex Ara - Installing a Wellhead: How Ntorya’s CH-1 Will Be Brought Online

A closer look at the technology that connects the Aminex/Ara Ntorya wells to future production.

When people hear about drilling a new well, they often imagine the drilling rig but not what happens next. The wellhead is the crucial piece of equipment that sits at the surface and provides the link between the reservoir below and the flowlines leading to the CPF.

For Ntorya’s Chikumbi-1 (CH-1) well, it is understood that for Aminex / ARA the wellhead assembly has already been sourced and is ready for shipment, with long-lead tubulars stored at the NT-2 site. This preparation means that once the rig arrives, installation should follow a tried-and-tested sequence.

---

What is a wellhead?

A wellhead is the pressure-containing component at the top of a well. It:

• Anchors the casing strings,

• Provides the sealing system to contain pressure,

• Creates the interface where a “Christmas tree” valve system is later installed,

• Ensures the well can be safely connected to flowlines leading to processing facilities.

---

How is a wellhead installed?

The installation process involves:

1. Running and cementing the casing strings.

2. Placing the wellhead housing at surface level.

3. Installing seals, connectors, and locking systems.

4. Adding the mandrel and casing hanger to tie the casing into the wellhead.

5. Finally, securing the blow-out preventer (BOP) above for continued drilling or workover operations.

This might sound technical, but in practice it’s a highly repeatable procedure, designed to be safe, efficient, and consistent across wells worldwide.

---

What equipment is used?

The type of wellhead ARA has sourced for Ntorya will likely be similar to the latest designs seen in industry animations:

• Internal latch systems for secure connections,

• Quick-connect features to reduce rig time,

• Torque-through mandrels allowing safe, repeatable installation,

• Scalable components so future wells can use the same proven system.

---

Why does this matter for investors?

• The wellhead is a long-lead item — having it already prepared means a major risk is reduced.

• Installing the wellhead correctly is the foundation for CH-1 production and the NT-1 workover that follows.

• Visible progress at surface (wellhead installation) is one of the most reassuring milestones for any project.

---

Watch: How a Modern Wellhead is Installed

This 10-minute animated Video demonstrates how today’s wellhead systems are installed — the equipment at Ntorya will follow a very similar process, ensuring the project is using industry-standard, modern technology.

---

Closing thought

The wellhead may not grab headlines like a drilling rig or a 30 km pipeline, but it is every bit as important. For Ntorya, it is the starting point of safe production, a visible sign that long-prepared plans are moving forward.

Tanzania’s Energy Infrastructure Surge Sets the Stage for Explosive Gas Demand

EWURA’s 109-permit wave, CNG expansion, and major industrial projects point to a multi-year growth engine for Ntorya gas.

Tanzania’s downstream energy build-out is gathering serious momentum. The Energy and Water Utilities Regulatory Authority’s (EWURA) latest Batch 244 public notice lists 109 mid- and downstream petroleum permit applications, covering:

• Kibali cha Ujenzi wa Kituo cha Mafuta – construction permits for fuel stations

• Leseni ya Kituo cha Mafuta – licences to operate fuel stations

• Leseni ya Usambazaji wa Gesi ya Kupikia – explicit LPG distribution licences

• Other infrastructure-related activities

While the notice does not explicitly label these stations as CNG, the timing, policy direction, and presence of known energy brands such as Puma Energy suggest that many could be CNG-capable — aligning with the government’s goal for a majority-CNG vehicle fleet by 2050.

This is in addition to seven CNG stations already under construction, mobile CNG units being rolled out, Rashal Energies’ plan for 30 CNG stations, and Gazprom’s reported market entry. The transport fuel mix is evolving fast — and CNG infrastructure can be built in months, not years.

---

Why This Matters for Gas Demand

Even at a conservative average of 2 MMscf/d per site, if a significant share of these 109 permitted stations are CNG-capable, they could add well over 150 MMscf/d of demand once operational. This is highly modular demand that can scale quickly, complementing larger, longer-lead projects.

CNG is only one part of the demand stack. Other confirmed and emerging gas consumers include:

• Aspin Energy / Escom Power Plant (Malawi) – 142 MW natural gas-fired plant using Tanzanian gas from March 2026 (~30 MMscf/d)

• Rocky Mountain GTL Plant – $420M gas-to-liquids facility producing diesel and jet fuel (~25–30 MMscf/d)

• ESSA Fertilizer Plant – Targeting 70 MMscf/d by 2027–2029, potentially supplementing Mnazi Bay supply

• Mtwara LNG Project – $4.5B state-backed export and regional distribution hub, starting at 400 MMscf/d and scaling to 1,200 MMscf/d, with Ntorya named as primary supplier

Taken together, these represent layered, long-term, and scalable demand — reducing offtake risk for upstream producers and creating multiple market channels.

---

Aminex’s Strategic Position

For Aminex and its carried 25% interest in the Ntorya field, the convergence of infrastructure rollout and industrial demand is transformational:

• Fully carried to ~$40M net, removing capital burden in development

• Favourable PSA terms compared to industry norms, increasing effective revenue share

• Pipeline to Madimba under construction, de-risking first gas timelines

• Direct link to high-value offtake via Mtwara LNG and industrial markets

With scalable production — and the ability to grow beyond 280 MMscf/d — Aminex sits at the heart of Tanzania’s domestic energy transition and export growth ambitions.

---

Investor View: More Than Just “Potential”

The EWURA permit wave is not an aspirational policy statement — it is a regulatory step that clears the way for real companies spending real capital on fuel and gas infrastructure. Add in signed EPC contracts, pipeline works, and the state-backed LNG plan naming Ntorya as a primary supplier, and you have tangible progress.

Near-term catalysts include:

• Physical confirmation of pipeline ground-breaking

• PURA approval to accelerate the Chikumbi-1 rig tender

• Additional industrial offtake agreements

With the current share price still below 2p, these could drive sharp re-ratings.

---

Bottom line:
Tanzania’s downstream build-out, rising industrial gas prices, and LNG export positioning create a market capable of absorbing — and paying premium rates for — every molecule Ntorya can produce. For Aminex, the building blocks for a multi-year growth story are already falling into place.

#AEX 📈 Shard Capital Upgrades Aminex Price Target to 3.25–3.70p: A New Phase Begins

In a newly released note, Shard Capital has significantly upgraded its 12-month price target for Aminex PLC, citing the company’s transition from speculation to execution. With construction now underway on the $50 million Ntorya–Madimba pipeline, the path to production is clearer than ever.

---

🧱 It’s No Longer “If”—It’s “When”

Shard opens their report with a bold shift in tone:

“It is no longer IF, but WHEN…”

That sentiment reflects the milestone announcement on July 7, when Tanzania’s TPDC confirmed investment in the pipeline, connecting Aminex’s Ntorya field to national gas infrastructure.

This development transforms Aminex’s narrative—turning a high-risk frontier explorer into a tangible energy growth story, linked to the rise of East Africa’s economy.

---

🎯 New Valuation Target: 3.25p–3.70p

• Previous target: ~2.3p

• New 12-month target: 3.25p to 3.70p

  • Low-end: Assumes Ntorya production ramps to 280 MMscf/d by 2036

  • High-end: Assumes plateau is reached three years earlier, by 2033

This revaluation reflects faster expected development and improving investor confidence.

---

🔍 Peak Valuation: 6p–7p Based on NPV

Shard goes even further with its long-term outlook:

“We currently estimate a peak NPV/share value in the range of 6p to 7p as the company reaches its peak production.”

This figure factors in full plateau production and future field development (Phase 2), making Aminex particularly attractive for long-term growth investors.

---

⚙️ What Will Drive Short-Term Re-Rating?

Shard identifies two key catalysts that could drive further upside within the next 12 months:

1. Visible progress on the pipeline

2. Successful drilling of the Chikumbi‑1 (CH‑1) well

Both are scheduled to occur before mid‑2026, aligning with Aminex’s roadmap to first cash flow.

---

📣 Final Takeaway for Investors

With pipeline construction confirmed and the CH‑1 drill now scheduled ahead of first gas, Aminex has entered its most investable phase to date. Shard Capital’s latest analysis reflects this turning point, offering institutional-grade endorsement of the company’s trajectory.

🔺 Target Range: 3.25p–3.70p

🚀 Peak Potential: 6p–7p/share

For investors aligned with East African energy growth, the case for Aminex has never been clearer.

 Here’s the latest weekly summary of Aminex PLC developments, incorporating official updates and Tanzanian press coverage:

---

Aminex Ignites: Early Drilling, Accelerated Pipeline, and Momentum Into 2026

The tempo has changed—and this time, it’s real.

Following this week’s AGM and official field updates, Aminex has entered the execution phase of the Ntorya development. With shareholder confidence rising and new operational details confirmed, the value case is solidifying. For investors watching from the sidelines, the clock is ticking.

---

🔧 Chikumbi‑1 to Be Drilled Before Pipeline Completion

In a significant pivot from prior expectations, the Aminex Board confirmed that Chikumbi‑1 (CH‑1) will be drilled before the Ntorya–Madimba pipeline is completed.

Why does this matter?

It means:

• CH‑1 results will be known well ahead of first gas

• The market will re-rate on resource confirmation, not just revenue

• Aminex can issue an updated CPR sooner, likely boosting reserves and valuation

This decision wasn’t speculative—it’s now the base case, supported by all project partners, including TPDC and PURA.

---

🛠️ Pipeline Construction Timeline Compressed

While the official guidance says 12 months, industry talk suggests the pipeline could be completed in as little as 8 months. That would shift commissioning forward into Q1 or Q2 2026, compressing the timeline for Aminex to receive first cash flow from gas sales via NT‑2.

---

💥 What’s Coming and Why It Matters

The execution roadmap is now clear and packed with near-term catalysts:

• Rig tender imminent (August 2025)

• CH‑1 spud likely in late 2025

• NT‑2 well test scheduled pre-pipeline

• New CPR and Phase 2 planning in 2026

• Condensate uplift + industrial pricing flexibility

Each of these events has the potential to drive share price momentum—independently.

---

🧮 Production Expectations Skyrocket

The Board confirmed that CH‑1 is expected to flow at ~50 MMscf/d—more than double prior assumptions. That’s because the well will target thicker, stacked reservoirs, including untapped units.

This single well could anchor Phase 1 delivery and define Phase 2 scalability.

---

💧 Condensate Could Add +15% to Field Value

Condensate volumes are now forecast to provide an additional 15% value uplift—a high-margin revenue stream not yet fully priced into market expectations.

---

💸 Gas Pricing Includes Upside Leverage

Two revenue-enhancing features:

• Inflation indexing in the GSA

• Premium pricing from industrial offtakers

With Tanzania’s mining and manufacturing sectors expanding, Aminex and ARA are well positioned to capture higher-than-utility tariffs.

---

🛡️ Strong JV Dynamics—ARA Wants Aminex In

Despite owning 75%, ARA isn’t pushing Aminex out. The Board made it clear: the public listing provides transparency, credibility, and valuation clarity that ARA finds valuable.

If a buyout were coming, it would’ve happened already.

---

📊 Phase 2 = 280 MMscf/d

Aminex’s long-term role just expanded. With up to 16.4 tcf unrisked gas in place, TPDC and ARA have revealed plans for:

• 6 more wells

• A second pipeline

• Expanded processing capacity

The target is now 280 MMscf/d, not 140. Ntorya is being positioned as a national energy hub.

---

🪙 Financial Runway and First Cash Flow

Aminex has sufficient funds to maintain operations until first cash flow expected by mid‑2026. With NT‑2 as the first producer and CH‑1 to follow, this positions Aminex for sustainable profitability.

---

🔚 Final Word

This isn’t just another speculative frontier gas story.

• The rig is coming.

• The drill will happen before gas flows.

• The pipeline may finish early.

• And Aminex has clear upside leverage—both technically and commercially.

---

📈 Projected Share Price Catalyst Chart

Each catalyst represents a standalone opportunity for revaluation. And as the timeline accelerates, the market’s response could become even more aggressive.

If you’re looking for asymmetric upside in frontier energy, Aminex just moved into the fast lane.