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Aminex ‘well placed’ to be a leading player in East Africa, says chairman

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Aminex (LON:AEX) remains well placed as a leading player in the East African energy scene, according to chairman Brian Hall.

In the explorer’s results for 2012 Hall told investors that it was a year of both success and also one of change.

Operationally, Aminex made a breakthrough success with the discovery of 180bn cubic feet of gas at Ntorya, within the Ruvuma PSA in Tanzania.

The company also kicked off a farm out process for this exciting acreage which it believes has an estimated 11tn cubic feet of discovered and undiscovered gas.

Meanwhile, the company is also tasked with hiring a new management team, following the departure of former chief executive Stuard Detmer in January. 

The departure came after the company failed to reach ambitious milestones it set itself to ‘fast track’ the firm’s development, Aminex said.

Aminex continues to produce oil from its up-for-sale mature assets in North America.

Production reduced by 25% to a total of 85,000 barrels of oil equivalent. The company had gross revenues US$4.9mln, down from US$9.3mln in the same period last year, leading to a net loss of US$5.3mln compared with a loss of US$0.9mln the previous year.

Aminex ended 2012 with a cash balance of US$0.5mln, though an US$8mln bridging loan was arranged in January and it also expects to receive further cash injections through the sale of the US assets and the Tanzanian farm out.

“2012 saw Aminex's second drilling success in Tanzania but was also a year of change for the company,” Hall said.

“Following a request from the board in late 2012, I agreed to take the helm of the business for an interim period as we actively seek a management team to continue to deliver our growth strategy into the years ahead.

“Looking forward, during 2013 we plan to dispose of our US assets, pay down our short term loan facility, secure industry partners for both Ruvuma and Nyuni and put in place a strong management team. 

“With two commercial discoveries in Tanzania, gas infrastructure under development and one of the world's most exciting resource plays directly offshore of us, your company remains well placed as a leading player in the East African energy scene."

 

Quick facts: Aminex PLC

Price: 0.627 GBX

LSE:AEX
Market: LSE
Market Cap: £23.64 m
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