TANZANIA (APT) - RUVUMA PSA

APT was established in 2018 to accelerate the development of the Ntorya area. A farm-in agreement for a 50% working interest was agreed with the operator AMINEX Plc. Since then, APT has acquired Scirocco’s 25% such that APT now has a 75% working interest. APT became the Operator once the farm-in was completed in 2020.

APT immediately started planning the approximately 350 Sq Km seismic program and preparing for the drilling and testing of the new Chikumbi-1 well. The area has been proven by the initial two wells (NT-1 & NT-2) which both produced approximately 20 MMSCF/d each during testing.

The 3D data has been processed with the results very encouraging that suggest the Ruvuma location has world scale untapped resources. Further details are contained within the attached report. Furthermore, planning for the upcoming Chicumbi-1 well and the NT-2 additional well test are almost complete. Importantly the Field Development Plan (FDP) for the Ntorya area has been submitted and approved by TPDC. Recently the Gas Sales Agreement was inked between the parties and APT has been told by TPDC that the Development Licence is imminent.

There is ullage in the nearby Madimba processing plant that will allow for the evacuation of significant volumes of gas. In addition to this APT are looking at additional markets for the gas such as fertilizer and/or gas to liquids.

ARA Petroleum is grateful for the support it receives from the Tanzanian authorities and very much looks forward to maturing this very promising asset at the earliest possible opportunity together.

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