Aminex annual loss widens as revenue falls in 2021

(Alliance News) - Aminex PLC said on Monday its yearly loss widens and added it looks to the future with uncertainty due to disrupted supply chains and what it sees as a lack of investment in new oil and gas projects.

The London-based gas project developer focused on Tanzania said its pretax loss widened to USD8.6 million in 2021, from USD4 million.

Revenue fell 63% to USD143,000 from USD384,000. This came as a result of the farm-out of Ruvuma PSA, meaning that the company no longer operated the asset, leading to a reduction in revenue.

Assets at December 31 dropped 17% to USD44.2 million from USD53 million.

Chair Charles Santos said: "Although the macro-political uncertainty and conflicting policies around hydrocarbons continue to cloud the energy picture, we believe that the demand for gas globally will continue to grow. We also see positive changes regarding the development of natural gas in Tanzania, witnessing firsthand these changes in our successful negotiations with the government over the outstanding Kiliwani receivables."

Shares in Aminex closed down 4.3% at 0.86 pence on Monday in London.

By Heather Rydings; heatherrydings@alliancenews.com

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