Aminex PLC (LON:AEX) has confirmed a major project milestone at the Ntorya gas project, in Tanzania, where it has now submitted a field development plan to the authorities.
The oil and gas firm explained that this is a ‘key step’ towards securing a development licence and the commercialisation of the Ntorya gas discovery.
WATCH: Aminex announces major upgrade to Ntorya gas resources estimate
It highlighted that the development plan incorporates findings from a commercialisation study, prepared by consultant io Oil and Gas, and it includes the new mapping of Ntorya (which was the basis of a very significant new upgrade to resource estimates, released earlier this week. It sees some 1.3 trillion cubic feet of gas at Ntorya).
The submission is now subject to review by the Tanzanian authorities, and Aminex said it intends to update investors on the process before the spudding of the Ntorya-3 well, planned in the fourth quarter.
"Submission of the Ntorya field Development Plan is a major milestone for the company as we progress towards unlocking the value across Ntorya and Ruvuma as a whole,” said Jay Bhattacherjee, Aminex chief executive said in a statement.
“The company continues to work on further well plans in order to maximise development of the field and looks forward to updating shareholders in Q4 on the status of the Ntorya-3 well."
READ: Aminex nearly triples estimate for Ntorya gas resources
The development plan incorporates a number of monetisation options for the Ntorya gas including sales of compressed natural gas, gas-to-power, and pipelined transportation of gas to market (which would be via a 35 kilometres spur into nearby infrastructure).
Aminex is anticipating a phased development, utilising an early production system using existing wells, which would see additional wells added to the development according to demand.
Aminex owns 75% of Ntorya, alongside partner Solo Oil PLC (LON:SOLO) with the other 25%.