Aminex announced that the Ministry of Energy in Tanzania has granted a 25-year development licence (Development Licence) over the Ntorya gas discovery area to the Ruvuma joint venture. The Development Licence divides the "Mtwara Exploration Licence" area into nine blocks: five blocks containing the Ntorya discovery and four blocks labelled as "adjoining blocks". The Ruvuma JV parties are required to undertake the following work programme over the four adjoining blocks to the discovery area: Geological, geophysical and geochemical studies; Drill one exploration well within five years of the start of production under the Development Licence; Spend a minimum of $10 million.

The Ntorya Development Licence area lies adjacent to a region containing supergiant world-class LNG projects, extending from offshore Tanzania into Mozambique waters to the south. The JV partners intend to produce Ntorya gas into the growing domestic gas market, helping to alleviate energy poverty and boost the energy transition in Tanzania. A multi-year gas sales agreement was signed earlier this year with the Tanzania Petroleum Development Corporation.

Aminex, with a 25% non-operated interest, is carried throughout the ongoing work programme to a maximum gross capital expenditure of $140 million ($35 million net to Aminex). The carry is expected to see the Company through to the commencement of commercial gas production from the Ntorya field at zero cost to the Company.