It has been a difficult year for Aminex (AEX) after expected asset disposals in the US and farm-out agreements in East Africa failed to materialise. Although chairman Brian Hall - who became executive chairman in January after chief executive Stuard Detmer stood down - believes the company is making progress with both issues. But he's not giving any clues to timing: "My predecessor was fond of setting dates but sometimes didn't deliver," said Mr Hall.
Tanzania, where the company has a major share in two significant licence areas, is the main long-term focus. Aminex and its 25 per cent project partner Solo Oil are in the midst of discussions with a number of parties to secure a farm-out agreement on a production-sharing contract in the Ruvuma Basin there - a region that has yielded more than 100 trillion cubic feet (tcf) in offshore gas discoveries. Ideally, that will include a cash payment to cover back costs, and funding to cover the ongoing work such as further infill seismic survey work. For its two Nyuni licences in the north of the country, one is awaiting the construction of a Chinese-funded gas pipeline before production can begin, while the other requires a cash-rich partner to advance potentially exciting offshore seismic plans. To cover cost over-runs, Aminex arranged an $8m (£5.3m) short-term loan in January secured against its two US assets.
AMINEX (AEX) | ||||
|---|---|---|---|---|
| ORD PRICE: | 4.1p | MARKET VALUE: | £33.6m | |
| TOUCH: | 4.05-4.15p | 12-MONTH HIGH: | 7.48p | LOW: 3.53p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | 11¢ | NET CASH: | $0.4m | |
| Year to 31 Dec | Turnover ($m) | Pre-tax profit ($m) | Earnings per share (¢) | Dividend per share (¢) |
|---|---|---|---|---|
| 2008 | 10.2 | -9.66 | -3.99 | nil |
| 2009 | 7.85 | -2.90 | -0.92 | nil |
| 2010 | 7.08 | -4.50 | -1.06 | nil |
| 2011 | 9.33 | -0.90 | -0.12 | nil |
| 2012 | 4.91 | -5.33 | -0.65 | nil |
| % change | -47 | - | - | - |
Ex-div: - Payment: - £1=$1.51 | ||||
