Aminex narrows losses in 2009

Exploration company Aminex reported a $2.9 million loss for last year, narrowing losses as revenues dipped on lower energy prices.

Last year, it reported a pre-tax loss of $9.7 million.

The firm said revenues for the year were down to $7.8 million, a 23 per cent fall on the $10.2 million reported in 2008.

The company blamed the fall on a combination of higher production and lower average oil and gas prices.

Average oil prices were down to $55.25 compared with $86.79 a year earlier. Gas prices, meanwhile, were $3.91, less than half of 2008’s average of $7.75.

Meanwhile, Aminex's gas production rose 56 per cent over the year to 489,000 millions of cubic feet from 314,000 mcf recorded in 2008 as a full year's production from the Sunny Ernst-2 well at Alta Loma in Texas. The field contributed 75 per cent of gas production, while the South Weslaco field produced 24 per cent.

Oil production was also boosted by Sunny Ernst-2, which added 17 per cent to 42,000 barrels of oils (bbls) from 36,000 bbls a year earlier year. Almost half of oil production came from the Somerset field, with 41 per cent from Alta Loma field.

"The Likonde-1 well potentially opens up a new oil play in Tanzania and a follow-up well is planned," said chairman Brian Hall. "Also in Tanzania the results of an independent evaluation of the Kiliwani North discovery and neighbouring prospects at Nyuni, coupled with the likelihood of an imminent go-ahead for expansion of the gas handling plant at Songo-Songo Island, mean that we can now plan for commercial gas development."

The company said it was making good progress in North Korea and has secured a partner for the next stage.