Aminex Plc (LON:AEX) confirmed it is looking to expand its business now that it has finally achieved a long awaited milestone in Tanzania, with the start of gas production from the Kiliwani North field.
Having previously slimmed down the group’s portfolio to focus on Tanzanian portfolio - which includes Kiliwani as well as the Ntorya discovery and the Ruvuma exploration area - the company hinted in today’s financial results statement that new ventures are being assessed.
It told investors that it is actively engaged in looking for production and development led opportunities.
A difficult market can present favourable opportunities, it added.
Jay Bhattacherjee, Aminex chief executive said: “The company's management and technical team continue to evaluate and analyse new production-led business opportunities with the aim of creating a larger and stronger base for its activities, balancing risk against opportunity.”
The 55% owned Kiliwani North well began gas production earlier this month.
Financial results released today chart the twelve months to December 31 2015, and show a US$3.7mln loss. Aminex ended the year with US$2.12mln of cash and equivalents.