Aminex PLC Egypt West Esh el Mellaha Update (9030G)
March 09 2015 - 9:30AM
UK Regulatory
TIDMAEX
RNS Number : 9030G
Aminex PLC
09 March 2015
Aminex plc
("Aminex" or "the Company")
Egypt West Esh el Mellaha Update
South Malak-2 Well Declared a Discovery
Aminex PLC ('Aminex' or the 'Company') notes the Ministry of
Petroleum of Egypt announcement that the South Malak-2 well ('SM2')
on the West Esh el Mellaha-2 concession in Egypt ('WEEM-2') has
been declared a discovery well. Tests showed production flow rates
of approximately 430 barrels per day of 40 API crude. Based on the
success of SM2 a full field development programme will be presented
by the Operator to the Egyptian Authorities and the joint venture
partners prior to commercial development.
The Company's effective 10% interest in WEEM-2 is held via a
shareholding in a limited company known as Aminex Petroleum Egypt
Ltd. ('APEL'), in which Aminex has a 12.5% interest. APEL holds an
80% interest in the WEEM-2 concession. Once the full development
plan has been presented and in view of its carried interest which
will generate income only after the funding partners have recovered
their cumulative investment, Aminex will assess the economic
benefit of this discovery to the Company and act accordingly. The
Company continues to receive information only when the operator
provides it to the Company.
Further information on this project will be released when
available.
For further information:
Aminex PLC +44 20 7291 3100
Jay Bhattacherjee, Chief
Executive Officer
Max Williams, Chief
Financial Officer
Corporate Brokers
Shore Capital Stockbrokers-Jerry
Keen +44 20 7408 4090
Davy Corporate Finance-Brian
Garrahy +35 3 1679 7788
GMP Securities Europe
LLP-Rob Collins +44 20 7647 2816
Yellow Jersey PR (Financial
PR) +44 7768 537 739
Dominic Barretto
Kelsey Traynor
This information is provided by RNS
The company news service from the London Stock Exchange
END
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