Aminex reveals drop in profits 28/03/2008 - 07:33:21
Aminex, the oil and gas company listed on the London and Irish Stock Exchanges, today announced its preliminary results for the year ended December 31 2007 revealing a net loss in profits for the period.
Net loss for the company was US$3.27m (€2m) for 2007.
In more positive news the company revealed: New funds of US$29.3m (€18.6m) - before transaction charges - raised to finance exploration, significant discovery in Tanzania since the year and successful US drilling and material upgrade of US reserves.
Brian Hall, chairman of Aminex, said: “2007 saw the launch of a major exploration programme in four countries. During the year we built up our financial strength and set in place the logistics, operations and commercial arrangements for a varied and ambitious exploration programme.
“Since the year end we have announced a significant gas discovery on the Nyuni licence in Tanzania and announced a further gas discovery in the South Weslaco Field in Texas. With an ongoing drilling programme in Egypt, a major gas exploration well planned in Texas at Alta Loma this year and plans in hand for drilling in the highly prospective Ruvuma Basin of Tanzania at the start of 2009, we expect to maintain the momentum of our current operations.”
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