Business
US Reserves Update
US Reserves Update.
About this update from Aminex Plc
[{"type":"text","content":"\n \nRNS Number : 5933F Aminex PLC 28 April 2011 \n \n\n \n \n \nAMINEX PLC\n \nUS RESERVES UPDATE\n \nAminex PLC ('Aminex' or the 'Company) announces an update of its US audited reserves. \n \nWith respect to Shoats Creek, Louisiana, an update by the reporting engineers effective 1 April 2011 has resulted in a material change from the figures reported earlier in the year. The reports on the other properties have not changed. \n \nThe earlier report on Shoats Creek showed (1) a material increase in proved (1P) reserves as a consequence of the two discovery wells drilled in 2010, but (2) a material decrease in proved and probable reserves (2P) when compared to reports published in earlier years. Ongoing work based on new production information and further interpretation of 3D seismic by both the Company and the reporting engineers has identified additional features to enhance and accelerate production, with the result that the reporting engineers have now restated the Shoats Creek reserves. The most significant changes are due to increased Cockfield reserves which can be accessed by proposed water-flood techniques and an increase in the net present value of future production as a result of the timing of proposed development drilling.\n \nThe revised group oil and gas reserves in the USA are tabulated below.\n \n\n\n\n\n1P Case (proved)\n\n\n\n\n\n\n\n\n\n\n Net Oil\n\n\n Net Gas\n\n\n Net BOE\n\n\n PV 10 value\n\n\n\n\n\n\n\n\n\n\n\n\n\n mbbl\n\n\n mmcf\n\n\n mboe\n\n\n $'000\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nShoats Creek\n\n\n\n\n\n606\n\n\n6,237\n\n\n1,646\n\n\n26,604\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAlta Loma\n\n\n\n\n\n124\n\n\n3,535\n\n\n713\n\n\n18,274\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nS...