Aminex PLC - Leeds, England-based oil & gas investment company focused on Tanzania - Last Friday said operations in Tanzania progress as posted interim results. In the half-year ended June 30, pretax loss narrows to USD1.3 million from USD1.6 million a year prior. Revenue drops to USD26,000 from USD86,000. Cost of sales narrows to USD129,000 from USD308,000. Firm expects seismic full acquisition of data regarding Ruvuma operation in Tanzania to be completed soon. Spudding of Chikumbi-1 on schedule to start in November.
Citing a raise of USD4.2 million in April, Executive Chair Charles Santos states: "The fully subscribed placement in April was an extremely important event, ensuring a solid financial foundation for the company through to expected cash flows from Ruvuma. We are delighted that all activities on Ruvuma, operational and commercial, continue to progress under the efforts of the operator, ARA Petroleum Tanzania Ltd. Finally, we look forward to completion of the 3D seismic acquisition programme by PanAfrican Energy Tanzania Ltd over the core area of the Kiliwani North Development Licence, which will provide valuable data to the company."
Current stock price: 1.14 pence
12-month change: up 3.3%
By Tom Budszus; tombudszus@alliancenews.com
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Aminex (AEX)