Exploration company Aminex has commenced drilling at its Nyuni prospect off the coast of Tanzania and expects to draw its first results from the well before the end of the year. Una McCaffrey reports.
The firm has indicated that it could export 300 million barrels of oil from Tanzania if the Nyuni project is successful. Company broker Davy said a positive find at Nyuni would be a "major coup for Aminex", as well as acting as a pathfinder in the Tanzanian region.
Analyst Mr Job Langbroek said Aminex, at a current market capitalisation of $37 million (€32 million), was "highly leveraged to a success".
Results issued by Aminex yesterday show that the firm reduced its losses from $3.4 million to $606,000 over the first half of the year. Last year's losses were particularly high because they included a $1.9 million exceptional cost relating to Aminex's opposition to a takeover bid from Apple Oil and Gas.
This year's performance was driven mainly by higher US oil and gas prices and a rise in production from the company's US wells. The average gas price paid to the company almost doubled over the period, while oil prices climbed by $7 to $29.40 per barrel.
US oil production was 25 per cent ahead, while gas production surged by some 60 per cent.
Turnover rose from $1.26 million to $3.5 million.
Shares in Aminex were unchanged at 35 cents last night.
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