Dublin-listed oil and exploration company Aminex is now debt free and returned to profit during the first half of 2017.
Aminex said it has repaid its corporate loan facility in full as it recorded a $1.01 million (€860,000) profit for the six months to the end of June. This compares to a $2.45 million (€2 million) loss for the same period a year earlier.
The company had a cash balance of $6.91 million (€5.87 million) at the end of June.
Positive cash flow
Aminex said that during the reporting period it successfully drilled the Ntorya-2 appraisal well in the Ruvuma basin of Tanzania. In addition, it said the Kiliwani North-1 well continues to provide positive cash flow and averaged approximately 15 million of cubic feet of natural gas per day (MMcfd) during the first six months.
Chief executive Jay Bhattacherjee said with increasing resources estimates in the Ntorya area, a new gas commercialisation study is to be prepared to help accelerate the development of the field and identify early monetisation opportunities for the project.
