StockMarketWire.com - Aminex posts a pre-tax loss of $3.8m for the year to the end of December - down from $5.9m last time.
Revenues fell to $350,000 from $444,000. Administrative expenses fell to $1.6m from $2.8m.
During the year Aminex negotiated a long-awaited gas sales agreement for the Kiliwani North field and completed a partial disposal of its interest in the field which enabled it to retire a portion of its corporate debt.
It also converted an Egyptian carried working interest into a royalty arrangement. T
he transaction for the Egyptian asset has transformed a potential work obligation into a potential future revenue stream.
As the board has previously stated that it does not intend to commit further funds to its Moldova asset in the near term, Aminex's activities are now exclusively concentrated on its Tanzanian gas projects, all of which it operates.
The company says that consequently it is not directly affected by the current slump in world oil prices as it will be producing gas at a pre-agreed price for power generation.
At 8:18am: [LON:AEX] Aminex PLC share price was 0p at 1.35p
Story provided by StockMarketWire.com
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