Aminex posts $2.49m loss

OIL AND gas firm Aminex widened pretax losses in the first six months of 2010 as production suffered a temporary fall.

The company saw its loss increase from $1.15 million (€906,000) in the first half of 2009 to $2.49 million (€1.96 million) in the period to June 30th, 2010.

Revenue of $2.6 million for the first six months of the year was a 26 per cent decline on the same period a year earlier.

Some $1.85 million of this figure was due to its oil and gas revenues and $750,000 in oilfield services and supplies revenues.

Aminex said oil production fell to 16,000 barrels compared to 24,000 in the same period of 2009, while gas production fell to 133 million cubic feet from 302 million. The company said the decline was due to an anticipated fall-off in production from its operations at a well in its Alta Loma field in Texas ahead of partner approval to recomplete the well.

The average oil price rose by 63 per cent to $74.48 per barrel from $45.61, while gas prices also rose, increasing to $5.05 per thousand cubic feet from $4.01, up 26 per cent on the comparative period.

Aminex has a number of operations in Tanzania, the US, Korea and Egypt. The company said the resolution of regulatory issues at its gas plant in the Kiliwani North gas field in Tanzania would open the way to commercialisation. Outstanding issues between the Tanzanian government regulator and the regional pipeline operator that were holding up the expansion of a gas plant at Songo-Songo Island had been resolved, it said.

Chairman Brian Hall said Tanzania is increasingly becoming a focus of industry interest.