The History of Aminex PLC

Aminex began life in 1979 as Eglinton Oil & Gas Limited.

The company later went through a series of corporate changes before becoming Aminex PLC in 1991. Those transactions involved Irish, US and UK corporate interests and created the company that would eventually become known to London-listed investors as Aminex.

At this stage, Aminex was not yet the focused Tanzania gas company investors know today. It was part of a much broader international oil and gas landscape, with ambitions across exploration, production and oilfield services.

This early period matters because it shows that Aminex was not formed around Ntorya or even Tanzania. The company’s later Tanzanian focus came only after many years of broader international activity.

During the 1990s and early 2000s, Aminex held a wide spread of producing and exploration interests across several countries.

Its activities included assets or interests in the United States, New Zealand, Papua New Guinea, Egypt, Tunisia, Russia, Pakistan and other areas. The company also had oilfield services exposure alongside its exploration and production interests.

This was a very different Aminex from the company investors follow today.

Rather than being centred on one major Tanzanian gas development, Aminex was then a broad international explorer and producer, seeking opportunities across multiple regions and geological settings.

That wide spread of activity gave the company technical and commercial experience, but it also meant Aminex lacked the clearer single-asset focus it would later develop around Tanzania and the Ruvuma Basin.

The key turning point came in 2002, when Aminex shifted its attention more firmly toward Africa.

That year, Aminex acquired Tanzoil NL, an Australian private company. Tanzoil was the parent company of Ndovu Resources Limited, which held Tanzanian licence interests, including the Ruvuma Technical Evaluation Licence.

This acquisition brought Aminex into Tanzania and laid the foundation for the company’s future focus on the Ruvuma Basin.

In 2003, Aminex spudded its first well in Tanzania, Nyuni-1. The well encountered gas shows but did not justify testing. Even so, it marked the beginning of Aminex’s long operating history in-country.

In 2005, the Ruvuma Technical Evaluation Licence was converted into a full Production Sharing Agreement. That step formally established the Ruvuma PSA as a core part of the company’s Tanzanian portfolio.

This was the moment when the long Aminex–Tanzania story truly began.

Aminex’s early Tanzanian activity included work across Nyuni, Kiliwani and Ruvuma.

Nyuni-1 was drilled in 2003 and encountered gas shows, but the well was not tested. The more important step came later, with activity around Kiliwani.

In 2007, Aminex drilled Kiliwani-1 and Kiliwani North-1 back-to-back. Kiliwani-1 did not deliver the hoped-for commercial result, but Kiliwani North-1 became an important discovery.

In 2008, Kiliwani North-1 encountered a 60-metre gas interval and tested gas at 40 MMscf/d. This gave Aminex one of its most important early Tanzanian successes and helped establish the company’s credibility as a gas finder in-country.

In 2011, a development licence was granted for the Kiliwani North discovery. This was a major step in moving Aminex’s Tanzanian activity from exploration toward commercial development.

“The new development licence is a significant step…”

— Brian Hall, Aminex Chairman, on Kiliwani North 

Ntorya became the defining asset in the Aminex story from 2012 onward.

In 2012, Aminex took over Tullow Oil’s interest in Ruvuma and re-assumed operatorship. That same year, Ntorya-1 was drilled and tested gas at 20 MMscf/d, with condensate also reported from the Cretaceous reservoir.

This was the discovery that changed the long-term direction of the company.

Ntorya was no longer just an exploration idea. It had become a discovered onshore gas field in southern Tanzania, located within reach of the developing national gas infrastructure system.

In 2013, an appraisal licence was granted for the Ntorya area. In 2014, Aminex acquired infill 2D seismic data over Ruvuma to help refine the structure and plan the next stage of appraisal.

The next major milestone came in 2017, when Ntorya-2 was drilled as an appraisal well. It tested at a stabilised rate of 17 MMscf/d and was suspended for future production.

Following Ntorya-2, Aminex submitted an application for a 25-year development licence over the Ntorya area.

“Substantially exceeded Aminex’s expectations…”

— Jay Bhattacherjee, Aminex CEO, after Ntorya-2 testing 

By 2018, Aminex had reached a point where Ntorya’s scale was becoming clearer, but the company also needed a stronger development partner.

That year, RPS Energy completed a Competent Person’s Report on the Ntorya Gas location. The CPR assigned a major increase in gas-in-place and recoverable resource estimates, lifting Ntorya from a smaller appraisal story into a much larger development opportunity.

The reported mean gas-in-place estimate rose to 1.87 TCF, while gross 2C recoverable resources were estimated at 763 BCF.

In July 2018, Aminex agreed to farm out a 50% operated interest in the Ruvuma PSA to ARA Petroleum Tanzania, an affiliate of its major shareholder, Eclipse Investments LLC.

Under the agreement, Aminex received $5 million and a carry of up to $35 million of its costs for its retained 25% interest in Ruvuma. That carry was equivalent to the first $140 million of gross project expenditure.

The farm-out completed in October 2020, and operatorship transferred to ARA Petroleum Tanzania.

This was a defining moment for Aminex. The company moved from being the operator of Ruvuma to a carried 25% partner in a development led by a better-funded operator.

After ARA Petroleum Tanzania took operatorship, the focus shifted to technical definition, commercialisation and development approval.

In 2021, a contract was awarded for the acquisition of approximately 338 km² of 3D seismic data over the Ntorya area. Aminex also reached a settlement with TPDC over outstanding monies relating to past gas sales from Kiliwani North.

In 2022, acquisition of the 3D seismic over Ntorya was completed. A new Gas Addendum to the Ruvuma PSA was also agreed and signed by all parties.

APT’s revised mapping and internal estimates suggested a materially larger Ntorya accumulation than previously understood, with multiple lobes to be tested through future drilling.

The commercialisation phase moved forward in January 2024, when the Gas Sales Agreement for Ntorya was signed between APT, TPDC and Ndovu Resources, Aminex’s Tanzanian subsidiary.

In May 2024, the Tanzanian Ministry of Energy granted a 25-year Development Licence over the Ntorya gas discovery area to the Ruvuma joint venture.

This was one of the most important formal milestones in Aminex’s history. Ntorya now had a development licence, a gas sales agreement and a clear pathway toward domestic gas production.

“A significant milestone…”

— Charles Santos, Aminex Executive Chairman, on the Ntorya Gas Sales Agreement 

By 2025, Aminex had moved from preparation into a more visible execution phase at Ntorya.

The most important physical development was the Ntorya–Madimba pipeline entering construction. This pipeline is designed to connect Ntorya to the Madimba Gas Processing Plant and onward into Tanzania’s national gas transmission system.

The pipeline is the key route to market for Ntorya gas.

Aminex’s 2025 reporting described pipe as already on the ground, procurement underway, and significant construction activity progressing. The pipeline was described as the final critical link required to begin monetising Ntorya’s gas resources.

Once the pipeline is commissioned, Ntorya-2 is expected to be brought into production, enabling first gas sales shortly thereafter.

In parallel, attention has turned to the next operational steps: the Chikumbi-1 well, the Ntorya-1 workover and the wider first-phase development plan.

This is why the current stage matters so much for investors. Aminex is no longer only a story about discovery, appraisal or potential. It is now a story about delivery, infrastructure, drilling, first gas and the transition toward revenue.

“From preparation to execution…”

— Charles Santos, Aminex Executive Chairman, describing Ntorya’s 2025 progress 

Aminex’s history is still being written.

The next chapter will be shaped by the completion of the Ntorya–Madimba pipeline, the planned CH-1 well, the workover of Ntorya-1, first gas from Ntorya-2 and the wider development of the Ruvuma PSA.

As new milestones are reached, this timeline will be updated to follow the company’s progress from long-term promise toward commercial delivery.

For investors, the story now moves from history to execution.