Aminex (LON:AEX) has told investors that a gas sales deal with the Tanzanian authorities is now largely complete and it expects it will be ready for signing shortly.
The sales agreement foresees the start of commercial gas delivery into the new paid-for pipeline, which is under construction, to Dar es Salaam early next year.
A final meeting between Aminex and Tanzania’s national oil and gas firm TPDC is due to take place shortly, Aminex said.
"Following the management's successful trip to Tanzania in December 2013, the gas sales agreement is largely completed and will be executed once TPDC gives its final approval,” said chief executive Jay Bhattacherjee.
“With this process nearing its close, first production on the horizon and high impact nature of the company's appraisal portfolio in Tanzania, the management team is excited about the prospects for Aminex in 2014 as it seeks to drive forward value for shareholders."
In a separate announcement, the company revealed that Antonio Prado, head of its operations in the USA, has been obliged to step down from its board of directors for health reasons.
He will continue to manage the company's producing assets at Shoats Creek and Alta Loma.