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 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.