RNS Number : 4753U
Aminex PLC
15 May 2008
Company Name Aminex PLC
Headline Interim Management Statement
15 May 2008
Aminex PLC
Interim Management Statement for quarter ended 31 March 2008
Aminex PLC ("Aminex"), the oil and gas company listed on the London and Irish Stock
Exchanges, today issues its first Interim Management
Statement ("IMS"), in accordance with the EU's Transparency Directive which requires certain
listed companies to provide periodic updates to
the capital markets in addition to their existing reporting requirements. The IMS covers the
first quarter of the Group's financial year, 1
January to 31 March 2008.
Operations
US Drilling: The GU-38 well at South Weslaco, Hidalgo County, Texas reached its target
depth of 3,350 metres in January with logs
indicating several potentially gas-bearing zones. The well awaits fracture treatment in the
deeper zones and completion for commercial
production. Aminex has a 25% working interest in this well.
Tanzania Drilling: The Kiliwani-1 exploration well at the offshore Nyuni licence
encountered gas shows but was plugged and abandoned as
non-commercial in February. The drilling rig then moved to Kiliwani North where it drilled
Kiliwani North-1 ("KN-1"). In March KN-1 was
completed as a gas discovery, having encountered a gross 60 metre gas column from which gas
samples were recovered. KN-1 will be subjected
to a full well test in the near future when appropriate equipment has been mobilised from the
Middle East. Further appraisal drilling will
be required at KN-1 in due course. Aminex has 40% of the Nyuni licence.
Egypt Drilling: At West esh el Mellahah Block 2 ("WEEM-2") in the onshore Gulf of Suez
region, the first well in a minimum three-well
programme, Malak -1, was drilled to a depth of 3,800 metres. Strong indications of
hydrocarbons were encountered but not found to be
commercial. The well has now been suspended and the rig is currently drilling ahead on the
nearby NW Tanan prospect, to a target depth of
approximately 2,600 metres. Aminex has 10% of WEEM-2 and its share of costs is carried by
other partners through to first commercial
production.
Financial
Aminex issued its preliminary results statement for the calendar year 2007 on 28 March
2008. Trading during the first quarter of 2008
is in line with the Group's expectations.
Outlook
Aminex has an ongoing work programme which will involve drilling an exploration well at
Alta Loma (Texas), further exploration drilling
in Egypt and further development drilling at South Weslaco (Texas) this year, together with
likely further seismic surveys in Madagascar,
Tanzania and Kenya. A development plan for the Kiliwani North discovery will be prepared as
soon as the full well test has been carried on
the KN-1 discovery. In early 2009 exploration drilling is likely to start on Aminex's licences
on the Tanzanian side of the Ruvuma basin.
A.G.M.
The Annual General Meeting of the Group will be held on 4 June 2008 at The Westbury Hotel,
Grafton St., Dublin 2 at 11 a.m.
Aminex PLC
Brian Hall, Chairman
Simon Butterfield, Finance Director
For further information:
Brian Hall Aminex +44 20 7291 3111
Archie Berens Pelham PR +44 20 7743 6679
This information is provided by RNS
The company news service from the London Stock Exchange
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