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LONDON (Alliance News) - Aminex PLC Monday said it expects to "reap rewards" in 2016 following the first production from Kiliwani North in Tanzania, as it reported a narrowed pretax loss for 2015.
Aminex reported a pretax loss of USD3.8 million for 2015, narrowed from USD5.9 million in 2014, mostly as a result of lower administrative costs. Revenue fell to USD350,000 from USD444,000.
The company said that during 2015 it had negotiated its long-awaited gas sales agreement for the Kiliwani North field, and completed a part disposal of its interest in the field, which helped it clear a portion of its corporate debt.
Aminex said that a major new gas pipeline developed by the Tanzania Petroleum Development Corp was under construction throughout 2015, and is now receiving Kiliwani North commissioning gas. This provides a commercialisation route for Kiliwani North gas, Aminex said, and opens up the potential for commercialisation of its Ntorya discovery, and any other discoveries it may make in its onshore Ruvuma Basin acreage.
"Past months have not been easy in our sector in general but Aminex has successfully weathered many storms in the past and we expect to do so in the future. Tough times can present openings for flexible, smaller companies which are not always available when the markets are strong and when larger players are ready to pay very high prices for assets. Aminex's management team is ever vigilant for such opportunities," said Chairman Brian Hall in a statement.
Shares in Aminex were up 3.7% at 1.40 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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