Shares in oil and gas developer Aminex tanked on Wednesday after the firm posted a loss for 2013 of 17.3m dollars.
The firm explained that the loss (2012: $5.3m) included two significant factors, namely a $9.3m impairment of its US assets as well as an accounting charge of $4.4m relating to the working capital loan arranged in January 2013, which includes $2.5m for the fair value of warrants granted to the lender.
It said that its focus area continues to be the coastal margin of Tanzania, where the Kiliwani North Gas Field is due to come on to commercial production in early 2015. The pipeline and processing plants needed for this to take place are currently under construction.
Aminex has drilled six wells in Tanzania, five of which the company operated, with two tested gas discoveries.
The group is also continuing to acquire seismin data around the Ntorya -1 discovery well in Tanzania.
During the period it completed the fundraising of £9.44m, £8m of which was the result of a placing.
Chairman Brian Hall said: "Looking to the future, a new, technically strong and financially committed management team is expected to bring renewed vigour to our projects.
"In a year's time we anticipate having first African production revenues after a long and frustrating wait and this should transform the company. African projects are generally large and hard for an independent company to cope with on its own. Accordingly we will actively seek out corporate and strategic opportunities so as to create a larger base for our operations."
Connect Group, formerly known as Smiths News, began a new era under its fresh corporate identity with interim results in line with recently reduced expectations, although the market looked askance at flat first-half revenue figures.
The company, which on Tuesday changed its from Smith News as it looks "to become a more broadly diversified specialist distribution business", provided some encouraging updates outside of its Books division, where expectations had been lowered at its pre-close statement.
Chief Executive Mark Cashmore said: "Our News & Media and Education & Care divisions, which represent 91% of group profits, are performing strongly, with 77% of our News revenue now secured to 2019 or beyond.
"We remain focused on growing profits, generating significant levels of free cash and delivering on our ongoing diversification strategy, which targets the group generating 50% of profits outside of newspaper and magazine wholesaling by 2016."
At group level, underlying sales fell 0.3% to £898.7m in the six months to February 28th. Underlying profit before tax was up 3% to £24.0m and underlying basic earnings per share up 6.3% to 10.1p. The board pledged an interim dividend per share of 3.1p, up 3.3%.
The News business delivered a much improved like-for-like performance, down 2.8%, driven by newspapers, which were only marginally down as cover price increases offset volume declines.
Magazines remained challenging but reported a slight improvement in the like-for-like trend, falling 8.1%.
Total News revenues were down 1.6%, which was comfortably ahead of management's strategic forecast range of 3% to 5% and was recently boosted by a distribution contract with Metro newspapers.
Broker Oriel Securities said results were "straightforward" and added: "There are clear plans afoot to right the wrongs within Books and Smiths News continues on track. The shares
are cheap and will be highly attractive to income funds."