Exploration company, Aminex, has increased its loss before tax from $972,000 to $1,104,000 (£665,000-£756,164) in the six months ended June 30th 1997. In contrast, turnover rose by 11 per cent from $7.39 million to $8.2 million. This increase is attributed to the inclusion of income from the Aminex operated interests in Vinton Dome Field in Louisiana and higher sales from the oilfield services division. When the Kirtayel and El Biban fields come on stream over the next few months, the group will be "at the point where it is beginning to convert reserves on its books to oil in the stock tank," according to Aminex's interim report.
Oil is shortly expected to flow from the Kirtayel Field in Komi Republic, Russia two years after the development agreement was signed with its partner, Komineft.
The offshore El Biban Field in the Gulf of Gabes, Tunisia, is being developed for production and the first commercial oil is expected at the end by early 1998. The group has a 26 per cent stake in the development which is operated by Centurion Resources.
Aminex is also involved in Tatarstan through a 35 per cent participation in the newly created Idelloil Company.
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