Following a change of management at ARA Petroleum and a technical reappraisal of the Ntorya Development, ARA Petroleum Tanzania ('APT'), the Operator of the Ruvuma PSA and the Ntorya Development, has made a request of the Company and the Tanzania Petroleum Development Corporation ('TPDC') to accept material amendments to the approved 2026 work programme and budget ('2026 WP&B'). The Operator's proposed amendments include a significant reduction in the 2026 WP&B that will result in a delay to the production of first gas and the drilling of the Chikumbi-1 well.
These proposals have not been approved by Aminex and the TPDC.
Discussions among the Company, APT, the Zubair Corporation, and the TPDC are ongoing to identify a resolution and agree a programme that is acceptable to both Aminex and the TPDC and honours APT's obligations under the Development Licence and the Farmout Agreement entered into in July 2018 among Aminex PLC, Ndovu Resources Limited, ARA Petroleum Tanzania Limited and The Zubair Corporation.
Aminex reserves the right to pursue all contractual remedies available to it to ensure that all obligations are met by APT under the Farmout Agreement, the Joint Operating Agreement and the Development Licence, including recourse to the Parent Company Guarantee provided by The Zubair Corporation under the Farmout Agreement.
Source: Aminex
