Aminex reaps first revenues from Kiliwanni facility
Losses at Irish exploration firm Aminex fell to $2.5m(€2.3m) last year as the company reaped its first revenues from production at its Killiwani facility.
The company also said a share placing during 2016 had raised just under $25m. Omani conglomerate Zubair Corporation also became and investor over the course of the year, taking a 29.9pc stake, according to the group's preliminary results for the year.
Aminex CEO Jay Bhattacherjee said:
“2016 was a transformative year with Aminex achieving first gas production from its Kiliwani North field.”
“The Company is now looking forward to developing the resources in the onshore Ruvuma Basin, while gas revenues assist with the early repayment of corporate debt. We appreciate the continued trust that shareholders have put in management."
In a note to shareholders, chairman Brian Hall added:
“We have been working in Tanzania for a long time and have never lost our conviction that there is a major hydrocarbons play to be exploited.”