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LONDON (Alliance News) - Aminex PLC on Friday said it swung to a loss in the first half of 2018 due to a decline in gas production.
The oil & gas company said it swung to a pretax loss of USD2.4 million in the six months to the end of June from USD1.0 million profit reported for the same period a year ago, as revenue dropped to USD340,000 from USD4.6 million.
Meanwhile, administrative expenses increased to USD1.9 million from USD1.5 million year-on-year.
Gross gas production from the Kiliwani North-1 well in Tanzania was 30 million cubic feet of which Aminex's share was 10 million cubic feet.
The average gas sale price is USD3.33 per 1,000 cubic feet, resulting in revenue of USD50,000 for the period compared to USD4.3 million the year before.
Gas revenue was significantly lower year-on-year following a decline in production rates, the company explained.
During the period, Aminex was in discussions with Zubair Corp, which is a significant shareholder in Aminex through its affiliate company Eclipse Investments LLC.
In July, Aminex signed a farm-out agreement with Zubair which it believes will accelerate development of and production from the Ntorya field in Tanzania.
"Aminex continues to look at new venture opportunities that will provide low risk, robust returns to shareholders whilst diversifying the asset base and risk profile of the company," said Chief Executive Jay Bhattacherjee.
Shares in Aminex closed 4.3% lower on Friday at 1.68 pence each.
