Aminex losses narrow to $1.15 million

Aminex, the listed Irish oil and gas explorer with operations in Africa, said today that its loss before tax reduced by 75 per cent to $1.15 million from $4.64 million a year earlier during the first six months of 2009.

The company said it achieved record gas production in the first half of the year while oil production was 50 per cent higher than in the same period a year earlier. However, offsetting the production increases was a 45 per cent fall in oil and gas prices.

The company posted group revenues of $3.8 million which comprise of $2.2 million oil and gas revenues and $1.6 million oilfield services and supplies revenues.

During the first six months of the year Aminex drilled a further development well in the South Weslaco Gas Field, carried out a seismic survey over Songo-Songo Island in Tanzania to define the extent of its 40 mmcf/day gas discovery at Kiliwani North and completed interpretation of new 3D seismic data over the Shoats Creek Field in Louisiana in the US.

The company also successfully completed an institutional placing and an open offer to existing shareholders raising $17 million to underwrite its forthcoming drilling programme in the Ruvuma Basin of Tanzania where it is in a 50-50 partnership with Tullow Oil.

Aminex said that a third exploration well, South Malak-1, in Egypt is currently being drilled on the West esh el Mellahah PSA, onshore Gulf of Suez which is expected to reach total depth in the first half of September.