Business
Texas Well Update
Texas Well Update.
About this update from Aminex Plc
[{"type":"text","content":"\n \nRNS Number : 7943H Aminex PLC 03 June 2011 \n \n\n AMINEX PLC \n \nTEXAS WELL UPDATE\n \n Aminex PLC ('Aminex' or the 'Company') provides a further update on progress at the Sunny Ernst-2 well ('SE-2') on its Alta Loma property, Galveston County, Texas.\n \nEnhanced treatment facilities have now been successfully installed and other production facilities upgraded. Production is being increased gradually during pressure monitoring and is currently producing at 8.1 million cubic feet gas per day and 345 barrels condensate (1,695 Barrels oil equivalent) from the recently perforated 'S' sands formation, with no significant decline in pressure. Higher production rates should ultimately be achieved but the well is being prudently managed for the time being in compliance with Federal regulatory limits and current pipeline availability. Gas and condensate produced from SE-2 is sold to market at a premium respectively over posted gas prices and over the West Texas Intermediate marker price for crude oil in the USA. \n \nAminex USA, Inc. (a wholly-owned subsidiary of the Company) has a 37.5% interest in this well which is operated by El Paso E&P, LP. Several other parties share ownership of the remaining 37.5% of the property. Aminex's working interest share of production equates to approximately 636 barrels oil per day, of which 20% is condensate and 80% is gas.\n\n \nFor further information please contact:\n \nAminex PLC +44 (0) 20 7291 3100\nBrian Hall - Chairman\n \nPelham Bell Pottinger +44 (0) 20 7861 3112 or +44 (0)7802 442486\nArchie Berens\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END DRLDMGGVVZRGMZM\n ","length":3275,"tagName":"div"}]