Aminex Plc (AEX) Reports Potential Delay in Ntorya First Gas Due to ARA Petroleum's Proposed 2026 Work Programme Reductions

ARA Petroleum Tanzania Proposes Reductions to 2026 Ruvuma Work Programme and Budget

Central to the announcement is a formal request from ARA Petroleum Tanzania Limited, operator of the Ruvuma Production Sharing Agreement and Ntorya Development, seeking material amendments to the already approved 2026 work programme and budget. These proposed changes involve a significant scale-back that would delay the first gas production and postpone drilling of the Chikumbi-1 well—key milestones closely monitored by Aminex investors.

The operator attributes these revisions partly to a management change at its parent company, ARA Petroleum LLC, and a technical reappraisal of the Ntorya Development. While management changes often trigger reassessments of capital and drilling plans in the upstream oil and gas sector, such shifts can have major impacts on non-operating partners who rely on agreed schedules. The announcement does not specify the financial magnitude of the proposed reductions.

Aminex and TPDC Reject Operator’s Proposed Amendments to Ntorya Development Plan

Significantly, Aminex and the Tanzania Petroleum Development Corporation have not approved ARA Petroleum Tanzania Limited’s proposed amendments. Given that the Ruvuma PSA involves multiple parties, any major changes to the approved work programme and budget require unanimous consent. The refusal by both Aminex and the state-owned TPDC indicates an active disagreement with the operator’s proposals.

TPDC’s involvement highlights that the dispute extends beyond commercial concerns to Tanzania’s national energy interests. Both Aminex and TPDC appear committed to advancing the Ntorya gas resource development according to the originally approved schedule and licence conditions.

Ongoing Multi-Party Negotiations Among Aminex, APT, The Zubair Corporation, and TPDC

The announcement confirms active discussions among Aminex plc, ARA Petroleum Tanzania Limited, The Zubair Corporation, and the Tanzania Petroleum Development Corporation. These talks aim to reach an agreement acceptable to Aminex and TPDC while respecting ARA Petroleum Tanzania Limited’s obligations under the Development Licence and the Farmout Agreement signed in July 2018 by Aminex PLC, Ndovu Resources Limited, ARA Petroleum Tanzania Limited, and The Zubair Corporation.

The involvement of The Zubair Corporation, an Omani conglomerate and key backer via the 2018 farmout, adds complexity. The Zubair Corporation provided a Parent Company Guarantee under the Farmout Agreement, which Aminex has emphasized as a critical contractual lever should negotiations fail. No timeline or current status of these discussions has been disclosed.

Aminex Reserves Right to Enforce Contractual Remedies Including Parent Company Guarantee

Aminex has explicitly reserved the right to pursue all contractual remedies available under the Farmout Agreement, the Joint Operating Agreement, and the Development Licence. This includes potential recourse to the Parent Company Guarantee provided by The Zubair Corporation. This broad contractual stance underscores the seriousness of the dispute and signals that Aminex views the proposed amendments as potentially breaching operator obligations.

The public mention of the Parent Company Guarantee serves as a market signal to The Zubair Corporation and other stakeholders that Aminex considers the operator’s proposals a risk to fulfilling contractual commitments. Investors will closely watch whether these negotiations lead to a settlement or escalate to formal enforcement.

Background on Ntorya Development and Ruvuma PSA: Aminex’s Key Tanzanian Asset

The Ruvuma Production Sharing Agreement covers onshore acreage in southern Tanzania, with the Ntorya gas discovery as Aminex’s principal development asset. The Ntorya Development is progressing under a Development Licence with ARA Petroleum Tanzania Limited as operator following the 2018 farmout. The Chikumbi-1 well, now at risk of delay, is a critical part of the development drilling programme aimed at bringing Ntorya gas into production.

Tanzania’s gas sector has drawn global attention due to major discoveries, especially offshore, but Aminex’s focus on the onshore Ruvuma basin positions it uniquely in the upstream landscape. The development aims to supply domestic markets, aligning with Tanzanian government and TPDC priorities. Delays to first gas production impact Aminex’s commercial timeline and Tanzania’s energy objectives, potentially influencing government engagement in the dispute.

Chikumbi-1 Well Drilling Delay: Effects on Aminex’s Production and Revenue Forecasts

The operator’s proposed cutbacks would delay first gas production and the Chikumbi-1 well drilling, postponing the point when Aminex’s asset begins generating revenue and cash flow. No revised timeline or original target dates were provided, introducing uncertainty for investors and analysts modeling revenue based on the approved 2026 work programme.

The lack of a new schedule means the full extent of potential delays remains unclear pending the outcome of ongoing discussions and any eventual acceptance of the operator’s proposals.

Inside Information Disclosure Under UK Market Abuse Regulation

Aminex confirmed this update constitutes inside information under Article 7 of EU Regulation 596/2014, as incorporated into UK law. The announcement brings this price-sensitive information into the public domain, fulfilling AIM-listed companies’ obligations for timely disclosure.

Classifying this operational update as inside information reflects the board’s view that the operator’s proposed amendments, potential delays, and contractual tensions are likely to significantly impact Aminex’s share price. The immediate market reaction was not available at the time of publication.

Management and Adviser Contacts Following Aminex’s Disclosure

Charles Santos, Executive Chairman, is the primary contact for investor and media inquiries. Advisers include Irish stockbroker Davy (Brian Garrahy), Shard Capital (Damon Heath), Axis Capital Markets (Richard Hutchison), and Knights Media and Public Relations (Sabina Zawadzki). This advisory team reflects Aminex’s dual listing on London and Dublin markets.

While Santos leads the company’s response, no direct management commentary was included in the announcement. Investors seeking further details are directed to the contacts provided.

Contractual Protections Under 2018 Farmout Agreement with Ndovu Resources and Zubair Corporation

The July 2018 Farmout Agreement among Aminex PLC, Ndovu Resources Limited, ARA Petroleum Tanzania Limited, and The Zubair Corporation established the operational framework for ARA Petroleum Tanzania Limited as operator. The Parent Company Guarantee from The Zubair Corporation was designed to secure Aminex’s interests by ensuring the operator’s commitments are backed by a financially capable parent.

Aminex’s invocation of this guarantee and reservation of rights under the Farmout Agreement, Joint Operating Agreement, and Development Licence demonstrate a firm contractual position. The Development Licence imposes work programme obligations with potential regulatory consequences in Tanzania, adding complexity to the dispute resolution. The outcome of ongoing negotiations will determine whether the matter is settled amicably or escalates to legal proceedings.

Outlook for Aminex Shareholders Amid Ruvuma Dispute Resolution Efforts

Aminex has pledged to update shareholders as developments occur, consistent with AIM Rules. No specific timeline for updates has been provided. The progress of discussions among Aminex, ARA Petroleum Tanzania Limited, The Zubair Corporation, and TPDC will shape future news flow.

Key investor considerations include whether a revised 2026 work programme can be agreed, if the Chikumbi-1 well and first gas timelines can be maintained, whether Aminex will enforce contractual remedies including the Parent Company Guarantee, and how TPDC and Tanzanian regulators respond to any delays. The range of possible outcomes spans negotiated resolution to protracted dispute, with no financial guidance or revised outlook disclosed.