Aminex has announced its audited financial results for the year ended 31 December 2023.
Highlights
Outlook:
- The operator of the Ruvuma PSA, ARA Petroleum Tanzania Limited ("APT") continues to progress operations at the Ntorya gas field, with the following planned for 2024, upon receipt of the Development Licence:
- Contract a rig operator to undertake the drilling of the Chikumbi-1 appraisal well and, if successful, to complete the well as a gas producer.
- Re-enter and repair a tubular leak in NT-1 to enable the well to be completed as a gas producer.
- Undertake further testing on NT-2, currently suspended as a gas producer, using a mobile test unit and refine the design of in-field gas processing facilities.
- Support the Tanzanian authorities in the construction of a spur pipeline to take gas from Ntorya to the Madimba Gas Plant and accommodate gas extraction from the field.
- The Company's largest shareholder, Eclipse Investments LLC, has agreed a funding facility for US$3 million, ensuring Aminex has sufficient working capital available after 2024 and until the commencement of revenues from Ntorya gas sales.
During 2023 and early 2024:
- Completed the processing of 3D seismic data, the largest onshore seismic campaign in East Africa covering 338km² around Ntorya.
- Selected a more optimal location for drilling the Chikumbi-1 appraisal well through the utilisation of the 3D seismic data.
- Completed and submitted the Ntorya Field Development Plan ("FDP"), which has now been approved by the Tanzania Petroleum Development Corporation ("TPDC").
- Applied for a 25-year Development Licence based on the approved FDP. Approved by the Tanzanian authorities, including Cabinet sign-off, and awaiting issuance of the signed licence from the Ministry of Energy.
- Signed a 25-year Gas Sales Agreement with APT and TPDC.
- Ruvuma PSA Farm-Out Carry of US$35 million covered Aminex for all 2023 Ruvuma costs with US$29.6 million of the Carry remaining as at 31 December 2023.
- Maintained reduced gross G&A costs (before one-off costs and exceptional items) of US$1.58 million per annum in 2023. Despite a slight inflation-related increase on 2022, base running costs are 70% lower than 2018 levels when cost control measures commenced.
- Loss for the year of US$1.12 million (2022: loss of US$4.06 million).
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Source: Aminex
