Aminex has netted a six-month reprieve to pay back its corporate loan facility.
The firm said the extension would allow it focus on the commissioning and testing phase of its Kiliwani North gas field in Tanzania.
A company spokesperson said: “Ndovu has reached agreement with the Tanzanian Petroleum Development Corporation on all terms of the GSA, including acceptable payment protection mechanisms for all gas delivered. The agreement has now been forwarded to the Tanzanian Attorney General’s office, whose approval is required prior to formal signing of the much-anticipated agreement.
“The board again acknowledges the patience and support of all shareholders and a further statement will be made regarding the GSA in due course.”