Business
Result of Egypt Well
Result of Egypt Well.
About this update from Aminex Plc
[{"type":"text","content":"\n Aminex PLC\n16 April 2008\n\n\n Aminex PLC\n\n Malak-1 well Result, Egypt\n\n 16 April 2008\n\n\nAminex PLC (\"Aminex\"), the oil and gas company listed in London and Dublin,\nannounces the result of the Malak-1 exploration well in Egypt.\n\nMalak-1, the first in a three well programme on the West esh el Mellahah\nconcession (\"WEEM-2\") in the onshore Gulf of Suez and operated by an associated\ncompany, Aminex Petroleum Egypt Ltd., reached a total depth of 3,692 metres and\nobtained positive gas readings from several intervals, proving the presence of\nhydrocarbons. However, these were not considered to be commercial and the well\nwill now be abandoned.\n\nThe rig will shortly be moved to the next location selected for drilling, the\nTanan North West prospect, five kilometres to the north east of the Malak-1\nlocation. The new well, Tanan NW-1, will be spudded shortly.\n\nThe WEEM block lies in a prolific but geologically complex oil producing area\nand Malak-1 is the deepest well ever drilled in the vicinity. The results\nconfirm the presence of hydrocarbons deeper than 3,600 metres and indicate the\npotential for early Tertiary and Cretaceous source rocks below 3,000 metres to\nbe within the oil \"kitchen\" for the area. These provide further exploration\nopportunities on the WEEM block and the data obtained from Malak-1 will be\ninvaluable for planning subsequent drilling.\n\nAminex has a 10% beneficial interest in the WEEM-2 concession through its\nshareholding in Aminex Petroleum Egypt Ltd. Aminex's share of costs is carried\nby other partners through to first commercial production. Aminex has no\nfinancial exposure until commercial hydrocarbons have been established.\n\nA further announcement will be made when Tanan NW-1 commences drilling.\n\nFor further information:\n\nBrian Hall Aminex +44 20 7291 3100\nArchie Berens Pelham +44 20 7743 6679\n\nENDS\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n ","length":2132,"tagName":"div"}]