Monday 14 October 2019

Losses decline at Irish oil and gas explorer Aminex

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Ellie Donnelly

Ellie Donnelly

Irish oil and gas explorer Aminex has reported a loss of $2.19m (€2m) for the six months to 30 June, down from a loss of $2.36m (€2.16m) in the same period last year.

The group reduced its administrative expenses by 20pc over the period, according to its interim results.

Revenues from continuing operations amounted to $140,000 down from $340,000 last year.

The turnover during the first six months of 2019 relates to the provision of technical and administrative services to joint venture operations as there was no production from its Kiliwani North-1 site in Tanzania.

Commenting on the results, Tom Mackay, CEO of Aminex, said there is now “firm evidence of a gradual unlocking of the approvals processes in [Tanzania].”

"We are encouraged that the delays the company has experienced over the past eighteen months in being able to pursue our operations programme in Tanzania appear to be finally coming to an end,” he said.

“We continue to see significant potential in our assets in Tanzania and look forward to being in a position to deliver value for shareholders, from a low-cost base, which we have worked tirelessly to achieve this year," Mr Mackay added.

Aminex had cash and cash equivalents totalling $2m as at 30 June.

In February the company raised $2.37m through a share placing.

The funds were raised to accelerate development over its shelfal interests, financing the reprocessing of the existing 2D seismic, planning for the acquisition of new 3D seismic and to help transition Kiliwani South in Tanzania from a prospect to a drill-ready target.

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