Aminex (AIM: AEX), the AIM-listed oil and gas explorer focused on East Africa, saw its shares jump as much as 51% on Thursday after confirming it is directly involved in Tanzanian government-led talks to progress the long-stalled Ntorya gas development, Proactive Investors reported.
The stock, which closed on Wednesday at 1.125p, traded as high as 1.98p in early trade before currently trading around 1.5975p, up 42%.
Aminex published a regulatory announcement at 7am confirming its participation in multi-party talks on the Ntorya Gas Development, a Tanzanian gas field it has been working to bring into production. The statement followed Tanzanian press reports published the previous day, which Aminex said it was now formally confirming. “Aminex notes the information reported in the Tanzanian press yesterday regarding the Ntorya Gas Development and its relevance to the ongoing implementation of this strategically important project,” the company said in the announcement.
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The talks involve Tanzania’s Ministry of Energy, the state-owned Tanzania Petroleum Development Corporation, the Petroleum Upstream Regulatory Authority, which oversees upstream oil and gas licensing, and Aminex’s project partner ARA Petroleum Tanzania. Aminex thanked Dr James Mataragio, the Ministry’s Permanent Secretary for Oil and Natural Gas, for convening the meeting. Crucially, the company said further announcements would follow “in due course, as appropriate,” meaning no binding development agreement or timeline has yet been reached. The rally reflects the market pricing in regulatory progress rather than a completed commercial deal.
The scale of the move on confirmation alone, rather than on any new financial terms, underlines how a small, thinly-traded AIM stock can re-rate sharply on a single regulatory signal. No revenue or reserves figures accompanied the statement, and the next disclosure will be the clearest marker of whether Thursday’s move can be sustained.
