Aminex cuts losses

ISEQ- and FTSE-listed oil and gas company Aminex cut its losses from $4.98m (€7.3m) to $2.86m (€4.2m) last year, the company announced today.

Total revenue of $5m (€7.3m) is 67% higher than 2005 revenue of $3m (€4.4m), mainly as a result of increased gas sales in the US and sales of oilfield equipment from the UK. Oil and gas revenue comprises approximately 50% of total revenue in 2006 compared with 61% in 2005.

Aminex is to start drilling programmes shortly in Tanzania, Egypt and the US.

Company boss Brian Hall said: "During the year, we consolidated our exploration programme in Tanzania and Madagascar and made good progress in our other areas of operation.

"We are now poised to launch the most active drilling programme in Aminex’s history. We have managed the programme in such a way that shareholders stand to benefit from exploration upside, without being unduly exposed to the outcome of any single well."