Aminex, the oil and gas exploration company, has announced it has successfully tested its first development well on the Kirtayel field in the Komi Republic, Russia. An initial rate equivalent to 1,500 barrels of oil per day was achieved, it said. Chief executive Mr Brian Hall said the result was at the "higher end of our expectations".

The group also unveiled preliminary results for 1999, which showed a pre-tax profit of $1.1 million compared with a loss of $9.57 million in 1998. Basic earnings per ordinary share amounted to 0.53 cents, compared with a loss of 14.11 cents in 1998.

Aminex also announced it had entered into an agreement with an international shipping and finance group, which would provide it with a $4 million standby facility to "enable it to expand its activities in Russia as opportunities present themselves".