Aminex PLC (LON: AEX) shares surged as much as 51.1% to 1.70p in London trading after the company confirmed that high-level regulatory discussions are underway over the development of its Ntorya gas project in Tanzania.
The shares subsequently eased to around 1.55p, but remained 37% higher intraday, reflecting strong investor reaction to signs of progress towards commercialising the project.
Aminex issued the update following reports in the Tanzanian media highlighting Ntorya’s potential strategic importance to the country’s domestic energy market.
Senior representatives are participating in discussions convened by Tanzania’s Ministry of Energy involving the Tanzania Petroleum Development Corporation, Petroleum Upstream Regulatory Authority and ARA Petroleum Tanzania Limited.
The talks are focused on coordinating the regulatory and operational steps required to advance development of the Ntorya gas field.
Aminex welcomed the continued involvement of Tanzania’s national authorities and specifically thanked Dr James Mataragio, Permanent Secretary of the Ministry of Energy, for bringing the relevant parties together.
The sharp share-price reaction suggests investors see direct government involvement as increasing the prospect of progress on the regulatory approvals required before the partners can move towards commercial development.
Aminex said further updates will be provided as discussions progress.
