Aminex (LON:AEX) is anticipating a busy period of drilling in both the United States and in Tanzania.
The company is one of several oil firms looking for big discoveries in East Africa. It recently raised US$39 million to fund new drilling which will include the 65 percent owned Nyuni well as well as contribute to the drilling on the joint venture in the onshore Rovuuma basin – alongside Tullow Oil (LON:TLW) and Solo Oil (LON:SOLO).
Meanwhile in Louisiana, in the United States, it is also working to improve production on a group of mature oilfields.
In this morning’s full year results statement, for the twelve months ended 31 December 2010, it revealed gross revenues of US$7.1 million (FY09: US$7.8 million) and a net loss of US$4.5 million (FY09:US$2.9 million).
Meanwhile the group boosted its balance sheet significantly, with a US$12.2 million uplift in non-current assets - including a US$5.7 million increase in exploration and evaluation assets. Current assets totalled US$5 million, including US$2.9 million in cash.
Oil production decreased year-on-year by 9 percent, although the group’s production was boosted in the second half after new wells were brought on-stream at the Shoats Creek oilfield. Development drilling is now planned for Shoats Creek due to the success in 2010.
"We are looking forward to a busy period of exploration drilling on both our main licences in Tanzania, together with commercialisation of the Kiliwani North gas discovery in Tanzania and development drilling in Louisiana,” chairman Brian Hall said.
“With an active programme supported by a strong balance sheet, shareholders can expect news from several different areas of our portfolio."
Hall emphasised that Aminex is the only fully-listed LSE oil and gas firm with a primary focus on the East African margin, an area that he said it becoming an area of intense industry interest.
The Nyuni well is expected to spud within the next 2 months and a well is expected to be drilled as part of the Ruvuma JV by the end of 2011.