Aminex Clear the Decks — Ready for Lift-Off

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

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

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

Here’s what the RNS really means:

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

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

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

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

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

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

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

The decks are clear. The engines are starting.

Article thanks to Prospero

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 Update: Pipeline Procurement Underway and Rig Tender Process Accelerates

Following yesterday’s RNS, new disclosures confirm Expressions of Interest for rig services have already been issued — ahead of schedule.

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Yesterday’s RNS: Two Key Milestones

On 27th August, Aminex released an RNS confirming significant operational progress at Ntorya:

• Pipeline:

  • Contractors have begun procurement of pipe and equipment for the 35 km Ntorya–Madimba pipeline.

  • Mobilisation of construction equipment is scheduled for September 2025.

  • Groundwork and pipelaying are due to start in January 2026, with completion by July 2026.

• Rig Tender:

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

  • This approval enables drilling of Chikumbi-1 (CH-1) and a workover of Ntorya-1 (NT-1).

  • The RNS stated that Expressions of Interest (EOIs) from service contractors would be requested next week.

• Condensate Discussions:

  • TPDC, APT, and Aminex also discussed the processing and storage of condensate, highlighting an additional revenue stream beyond gas sales.

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Today’s Update: Ahead of Schedule

Less than 24 hours later, it has been confirmed via today’s release on X (formerly Twitter) that the Expressions of Interest have already been issued, a full week earlier than suggested in the RNS.

This over-performance signals:

• Strong operator momentum from APT.

• A clear alignment with Tanzanian regulators and stakeholders.

• A demonstration that the project is moving faster than timelines originally set out.

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Why This Matters for Investors

The combination of pipeline procurement, firm groundwork dates, and now the early launch of the rig tender process creates visible momentum on all fronts:

• De-risked schedule: Procurement and mobilisation show the pipeline is firmly on track.

• Accelerated rig contracting: The early release of EOIs means CH-1 and NT-1 are moving closer to execution.

• Additional upside: Condensate monetisation discussions could provide another layer of value.

This update underscores the Government of Tanzania’s and APT’s commitment to delivering Ntorya gas to the Madimba plant on time — and potentially even ahead of schedule.

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Closing Thought

Investors have long waited to see Ntorya move from planning into visible execution. With procurement underway, mobilisation imminent, and the rig tender already advancing faster than expected, that moment has arrived.

The project is not just progressing — it is gathering pace.

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.

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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.

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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.

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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.”

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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.