Ntorya - Revised Implementation Programme Agreed

Aminex announces an agreement has been reached on the sequencing and implementation of the Ntorya gas development following a meeting convened by the Tanzanian Ministry of Energy on 26 August 2026.

The meeting was attended by representatives of the Ministry of Energy, the Petroleum Upstream Regulatory Authority ("PURA"), the Tanzania Petroleum Development Corporation ("TPDC"), ARA Petroleum Tanzania Limited ("APT"), the operator of the Ruvuma PSA, and Aminex's wholly owned subsidiary, Ndovu Resources Limited ("Ndovu").

At the meeting, the Government did not approve a proposal by the operator to extend and delay the project timetable and instead confirmed a revised implementation schedule to which all parties agreed. The revised implementation schedule provides for the workover of the Ntorya-1 well ("NT-1") in October 2026, the testing of the Ntorya-2 well ("NT-2") in November 2026 and the drilling of a newly planned NT-Central well ("NT-C") in December 2026. First gas from NT-1 and NT-2 is targeted for December 2026. Drilling of the Chikumbi-1 well ("CH-1") is to proceed after NT-C is drilled. Following the change of management at ARA Petroleum LLC and a technical reappraisal of the Ntorya project, APT had proposed bringing forward NT-C, previously planned as a development well for a later phase of field development, in place of CH-1, with the drilling of CH-1 deferred. Under the revised implementation schedule now agreed by all parties, NT-C will be drilled in addition to CH-1, with NT-C drilled first and CH-1 thereafter.

It was also confirmed at the meeting that the Ntorya to Madimba pipeline will be completed in time to receive first gas from the Ntorya field in December 2026.

APT confirmed to the parties that it had all necessary funds to carry out the revised programme for the development of the Ntorya field.

The parties agreed that APT should execute the planned activities in accordance with the revised implementation schedule and without unnecessary delay. The revised programme will now be progressed through the formal Joint Venture approval process in accordance with the Joint Operating Agreement.

The Company considers the agreement to represent important progress towards resolving the matters that gave rise to the Notice of Dispute announced on 21 August 2026. The Company will provide further updates on this Notice as appropriate.

Charles Santos, Executive Chairman of Aminex, commented:

"I would like to thank Dr James Mataragio, Permanent Secretary for Petroleum at the Ministry of Energy, for convening the meeting last week and for the constructive approach taken by all parties. Our focus now is on working together to implement the agreed programme and deliver first gas without further delay.

"The revised implementation programme establishes clear near-term operational milestones, targets first gas for December 2026 and provides for the drilling of a newly planned well, NT-Central, while ensuring that the CH-1 well is also drilled.

"Together, these activities form just the beginning of the development of the giant Ntorya field which is expected to deliver large volumes of gas supplies to Tanzanians, helping alleviate energy poverty, boost industrial development and fuel Tanzania's economic growth."