Exploration group Aminex yesterday reported a decline in sales last year after it sold an oil field and a gas production facility was put out of commission as a result of a fire. It also spent more money on exploration.
Revenue for 2005 fell 44 per cent, to $3 million, while the net loss widened to $4.98 million, from $4.51 million.
During the year Aminex's focus was on Tanzania, although it also has operations in Madagascar, the US, North Korea, Egypt and Kenya. It currently produces oil and gas in the US, but is just exploring in the other regions.
At the end of 2004 the company disposed of the Vinton Field in the US and spent most of 2005 searching for new and more profitable activities in the region.
Aminex, which is listed in London and on Dublin's Iseq, yesterday announced the retirement of Peter Elwes as chairman. He will be replaced by Derek Tughan, currently a senior non-executive director. The group's shares added 1 cent, or 1.5 per cent, to close at 68 cent in Dublin.
