Aminex reduces loss in 'transformative' 2016

Shares in Aminex are up more than 2% after the company returned a reduced loss for a "transformative" 2016.

Chief executive Jay Bhattacherjee said 2016 was a transformative with Aminex achieving first gas production from its Kiliwani North field, the introduction of a strategic investor and spudding the Ntorya-2 appraisal well, which tested at an average rate of 17 MMcfd.

"The company is now looking forward to developing the resources in the onshore Ruvuma Basin, while gas revenues assist with the early repayment of corporate debt," said Bhattacherjee.

Aminex's loss for the year to 31 December 2016 was $2.53m, which was down from the prior year's loss of $3.8m. It posted revenue of $4.9m, up from $350,000.

At 13:10 GMT, shares in Aminex were up 2.49% to 5.15p each.