APT and the
The acceleration of production through the initial three wells is strongly supported by the Tanzanian authorities and is based on the following:
Commitment by the TPDC to construct a 30 km pipeline as soon as possible to tie the Ntorya gasfield into the existing Madimba processing and pumping station.
The incorporation of three producing wells - CH-1, NT-2 and NT-1, the latter of which will be worked-over after the drilling of CH-1 to repair a minor leak in the casing string.
The three wells are expected to produce at least 60 mmscfd in aggregate.
The estimated gross capital budget for 2023, which has been approved by the joint venture partners, is
Early production success, from the initial three well development, will see the drilling of up to five additional development wells taking the expected field gas production to rates in excess of 140 mmscfd, as previously reported.
Negotiations continue regarding the finalisation of gas terms and gas pricing.
The Ruvuma 3D seismic acquisition programme, the largest 3D survey to have been conducted to date in onshore
'Whilst I am disappointed to announce a delay in the spudding of the important CH-1 well, the acceleration of production is a game changer for all stakeholders in the Ruvuma development and will halve the time to gas production from Ntorya and receipt of revenues to the Company. The advanced negotiations on fast-tracking production reflects a strong desire of the Tanzanian authorities to bring additional gas to the market as soon as possible and the steadfast commitment of the Operator to move this project forward at an enhanced pace for the benefit of all parties involved. We would like to thank APT and the Tanzanian authorities for their cumulative efforts in continuing to progress the project.' The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Contact:
Executive Chairman
T: +44 203 355 9909
Davy
T: +353 1 679 6363
T: +44 20 7186 9952
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