Aminex PLC has been informed of a delay to the spud date of the forthcoming Chikumbi-1 ("CH-1") well by the operator, ARA Petroleum Tanzania Limited. Due to ongoing negotiations with the Tanzanian authorities and contractors, Aminex has been advised that the expected spud date for CH-1 has now slipped to March 2023 due to rig availability. The Company is however pleased to provide the market with an update on current operational activities: APT and the Tanzania Petroleum Development Corporation ("TPDC") are in advanced negotiations to accelerate gas production from the Ntorya gasfield.

The proposal, following the successful drilling of CH-1, is to utilise the newly drilled well and the existing suspended gas producers, Ntorya-1 ("NT-1") and Ntorya-2 ("NT-2"). This is expected to lead to gas production and receipt of production revenues in early 2024, almost 12 months earlier than originally envisaged. The acceleration of production through the initial three wells is strongly supported by the Tanzanian authorities and is based on the following: Commitment by the TPDC to construct a 30 km pipeline as soon as possible to tie the Ntorya gasfield into the existing Madimba processing and pumping station; The incorporation of three producing wells - CH-1, NT-2 and NT-1, the latter of which will be worked-over after the drilling of CH-1 to repair a minor leak in the casing string; The three wells are expected to produce at least 60 mmscfd in aggregate; The estimated gross capital budget for 2023, which has been approved by the joint venture partners, is USD 30.8 million, includes the processing and interpretation of the 3D seismic data, drilling and testing of CH-1, re-entry and work-over of NT-1, together with the purchase of the necessary manifold, flowlines, fiscal meters and hook-up system to facilitate early production; Early production success, from the initial three well development, will see the drilling of up to five additional development wells taking the expected field gas production to rates in excess of 140 mmscfd, as previously reported; Negotiations continue regarding the finalisation of gas terms and gas pricing; The Ruvuma 3D seismic acquisition programme, the largest 3D survey to have been conducted to date in onshore East Africa, completed on 9 October 2022 and the processing and interpretation of data will continue into 2023.