Aminex posts full-year loss hit by impairment and accounting charges

23rd Apr 2014 13:37

Shares in oil and gas developer Aminex tanked on Wednesday after the firm posted a loss for 2013 of 17.3m dollars. The firm explained that the loss (2012: $5.3m) included two significant factors, namely a $9.3m impairment of its US assets as well as an accounting charge of $4.4m relating to the working capital loan arranged in January 2013, which includes $2.5m for the fair value of warrants granted to the lender. It said that its focus area continues to be the coastal margin of Tanzania, where the Kiliwani North Gas Field is due to come on to commercial production in early 2015. The pipeline and processing plants needed for this to take place are currently under construction. Aminex has drilled six wells in Tanzania, five of which the company operated, with two tested gas discoveries.The group is also continuing to acquire seismin data around the Ntorya -1 discovery well in Tanzania. During the period it completed the fundraising of £9.44m, £8m of which was the result of a placing. Chairman Brian Hall said: "Looking to the future, a new, technically strong and financially committed management team is expected to bring renewed vigour to our projects. "In a year's time we anticipate having first African production revenues after a long and frustrating wait and this should transform the company. African projects are generally large and hard for an independent company to cope with on its own. Accordingly we will actively seek out corporate and strategic opportunities so as to create a larger base for our operations." NR