Business
Strategy/Company/Ops Update
Strategy/Company/Ops Update.
About this update from Aminex Plc
[{"type":"text","content":"\n \n \n \n 2 March 2023\n \n \n \n \n \n \n \n Aminex plc\n \n \n \n (\"Aminex\" or \"the Company\")\n \n \n \n \n \n \n Ruvuma Operations Update\n \n \n \n Aminex PLC, the oil and gas exploration and production company focused on Tanzania, announces the following operations update. Aminex has been informed by ARA Petroleum Tanzania Limited (\"APT\"), the Operator of the Ruvuma PSA, of a further delay to the spudding of the Chikumbi-1 well (\"CH-1\"). Aminex is pleased to announce that plans to accelerate gas production, as outlined in our announcement of 1 November 2022, have been further developed with the Tanzanian authorities, now targeting October 2023 for production of first gas. This acceleration in the gas production schedule will result in earlier gas revenues to the Company (Q4 of 2023), decoupling the production of first gas from the spudding of the CH-1 well. \n \n \n Several critical inter-related workstreams and ongoing negotiations with the Tanzanian authorities have re-defined and further de-risked the Project, advancing first gas production by more than a year.\n \n \n These inter-related workstreams are:\n \n \n ·\n The results of the initial 3D seismic processing and interpretation, to optimise the target location of the CH-1 well at the Cretaceous reservoir level, will be available by mid-March. Following a review by the Operator, the CH-1 well will no longer target the lower Jurassic zone. The processing of the seismic data is more than 80% complete.\n \n \n ·\n A two-week well-testing programme on the Ntorya-2 well (\"NT-2\") has been designed and scheduled for late March 2023, utilising a mobile testing unit, to provide additional information required for the design of in-field processing facilities and the export pipeline; in particular, an accurate measurement of the gas composition.\n \n \n ·\n A well-workover of the Ntorya-1 well (\"NT-1\"), to enable rapid tie-in to the gas production facilities and bring the well into early production requires the use of a drilling rig and will run after the drilling of CH-1, which we expect later this year.\n \n \n ·\n Advanced negotiations regarding a Gas Sales Agreement (\"GSA\") in respect of the Ntorya Gas Field are ongoing with the Tanzania Petroleum Development Corporation (\"TPDC\"). It is expected that the GSA will ...