14th Jul 2026 16:57
Aminex PLC - oil and gas company with operations in Tanzania - Says ARA Petroleum Tanzania Ltd, the operator of the Ruvuma production sharing contract and the Ntorya development, is requesting amendments to the 2026 work programme and budget, including "a significant reduction in the 2026 work programme & budget that will result in a delay to the production of first gas and the drilling of the Chikumbi-1 well." That follows a change of management at ARA Petroleum LLC, and a technical appraisal of the Ntorya development. Aminex says the proposals have not been approved by it nor by Tanzania Petroleum Development Corp, alias TPDC, which was also requested to accept the amendments.
Aminex say discussions are ongoing to identify a resolution and agree a programme that is acceptable to Aminex and TPDC and is in line with ARA Petroleum Tanzania's obligations under the development licence and farmout agreement entered into in 2018. Aminex says it "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 Zubair Corp under the farmout agreement."
Current stock price: 1.39 pence each, down 44% on Tuesday afternoon in London
12-month change: down 7.7%
By Tom Budszus, Alliance News slot editor
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
Aminex