Irish oil and gas independent Animex said it will look to begin reaping the rewards from a decade of exploration and development in Tanzania when Kiliwani North books its first reserves in country this year.
The company also reported losses narrowing in 2015 to a pre-tax $3.78million, compared with $7.01million in 2014.
During 2015 the company cut its interests in Egypt and Moldova and is now exclusively focused on its Tanzanian gas projects, all of which it operates.
It negotiated a long-awaited gas sales agreement for Kiliwani North with the Tanzania Petroleum Development Corporation.
Animex said its next step will be to carry out follow up drilling in the Ruvuma area. The company said it expects to spud a new well Ntorya H2 to offset and appraise the Ntorya H1 discovery this summer. A third well is also being planned to test the main channel system.
The company said it will aim for a development licence for the prospect, giving the company two separate sources of production from Tanzanian fields.
Chairman Brian Hall, said: “Past months have not been easy in our sector in general…Tough times can present openings for flexible smaller companies which are not always available when the markets are strong and when the markets are strong and when larger players are ready to pay very high prices for assets.”