Nyuni Area PSA

Significant discoveries have been made in several accumulations within adjacent blocks with reported volumes in excess of 50 TCF having been discovered with a high drilling success rate. Several discoveries have been made by the Shell/Ophir Group in Blocks 3 & 4 lying approximately 50 kms from the Nyuni Area PSA. Equinor has made significant discoveries on Block 2. Discoveries include the Pweza, Chewa and Papa Fields in Blocks 3 & 4 and the Lavani and Zafarani Fields in Block 2.

Application was made to enter into the Second Extension Period of the licence in 2019 with no formal response from the Tanzanian authorities until 2021; a review of the terms of all then extant PSAs was conducted by order of the Tanzanian Parliament which delayed the routine administration of all licences including the Nyuni Area PSA.

Given the delays and the recent more negative changes in the commercial appetite for deep-water exploration, a farm-out partner was considered to be essential in order to provide the necessary funding and to mitigate the associated exploratory risks. Moreover, Ndovu was unable to reach agreement on terms to enter into a Second Extension Period and commenced discussions to return the licence to the Ministry in late 2021.

Aminex, currently holding a 100% interest in the PSA through Ndovu Resources, has been requested to market the licence in an attempt to find a third-party willing to pursue and fund a mutually agreed re-negotiated work programme.