Aminex PLC: The Ntorya Milestone That Changes the Narrative

From promise to pipeline — Ntorya moves decisively into execution

If you’ve been patient with Aminex (LSE: AEX), you’ve earned every ounce of satisfaction that comes with watching a project transition from promise to progress. The company’s latest RNS — paired with a noticeable uplift in the share price in the days since — isn’t just another update. It’s a confirmation that the long-anticipated Ntorya gas development is no longer theoretical; it’s happening.

Why This Matters

This isn’t corporate spin — it’s logistics. The announced manufacturing of the pipeline and the expected delivery timeline are landmarks in the Ntorya project schedule. Aminex and its partners have moved from feasibility and planning into tangible execution. For energy explorers, that’s when the story changes from “maybe” to “most likely.” And the market feels it.

Price Action Says “People Notice”

Look at the share price: in recent sessions, AEX has climbed significantly from levels not long ago near this year’s lows. On 23 December 2025, the stock was trading substantially higher than mid-December, reflecting tangible buying interest and a growing investor confidence.

That kind of move doesn’t happen on thin air — it happens when speculation meets substance. The share price is flirting with higher territory, suggesting that traders and holders alike are finally pricing in the real prospects of first gas and a concrete production pathway.

Operational Reality — Not Hope

Let’s be straight: upstream energy projects are marathon efforts. Decades of discovery, appraisal, drilling, pipeline agreements, and regulatory engagement go into getting from “we think there’s gas” to “gas is flowing.” What we’re seeing now with Aminex — pipeline build plans, supply chain activity, contractual progress — is the hard infrastructure phase that precedes revenue. That’s enormous. 

Long-term holders have known for years that Ntorya wasn’t a fairy tale. This latest update isn’t just another line in a quarterly release — it’s the proof of life for the project’s timetable. With manufacturing underway and delivery expectations now in sight, the narrative shifts toward the one everyone’s been waiting for: Ntorya delivering gas to market.

What This Means for Holders

For the steadfast investor who stuck through the dry spells, this is validation. It’s that moment when operational progress — not just optimism — begins to show up on your screens:

• Price catching bids again

• Supply chain activity confirmed

• Project milestones being cleared

That’s not speculative chatter. That’s the engine turning.

Final Thought

The doubters can debate charts and moving averages all they want — but in the energy game, the score isn’t kept purely by technicals. It’s kept in pipeline spools being fabricated, contracts being signed, and gas flowing into infrastructure. Aminex is now visibly crossing that threshold, and the market is finally starting to price it in.

If you’ve held this name long enough to remember when this was just a “potential,” enjoy the moment. This is what progress looks like

Momentum Builds: Aminex Focused on Delivery

Ntorya pipeline moves ahead as East Africa’s largest onshore gas project takes shape

Aminex has taken to social media to underline just how far things have come in the last six months — and just how close we are to seeing first gas. The company’s latest update highlights the transition from preparation to delivery, with Ntorya now firmly in construction.

Construction Under Way

The award of the Ntorya-Madimba pipeline contract is the pivotal milestone. Procurement has already begun, groundworks are scheduled for early 2026, and commissioning is targeted for mid-year. This isn’t planning on paper — it’s execution on the ground.

As Aminex noted:

“The Ntorya Gas Development has now advanced definitively into its construction phase… This milestone has in turn catalysed wider activity on the ground and across the project.”

An Expanded Vision

In parallel, operator APT has submitted a revised Field Development Plan. This is no small tweak. It lays out:

• A 35-year production horizon

• A phased development approach

• A materially higher long-term gas plateau than previously envisaged

The scale is transformative. Ntorya has the potential to deliver more gas than Tanzania currently produces as a nation, underpinning power generation, industry, and economic growth for decades to come.

From Restructure to Revenue

The past few years were about restructuring and positioning. That stage is now complete. Aminex is entering the second half of 2025 with:

• A clear pipeline construction schedule

• Strong operator and government support

• A free carry through development to material revenues

The focus is now squarely on delivery and value growth.

Ntorya: A Central Role in Tanzania’s Future

As Aminex put it:

“As the largest onshore gas development in East Africa, supported by a stable regulatory environment, expanding domestic demand, and long-term licence tenure, Ntorya positions Aminex to play a central role in Tanzania’s energy future.”

That’s the big picture. Aminex isn’t simply progressing a gas project — it is part of a national transformation.

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.”

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.