Aminex PLC
16 April 2008
Aminex PLC
Malak-1 well Result, Egypt
16 April 2008
Aminex PLC ("Aminex"), the oil and gas company listed in London and Dublin,
announces the result of the Malak-1 exploration well in Egypt.
Malak-1, the first in a three well programme on the West esh el Mellahah
concession ("WEEM-2") in the onshore Gulf of Suez and operated by an associated
company, Aminex Petroleum Egypt Ltd., reached a total depth of 3,692 metres and
obtained positive gas readings from several intervals, proving the presence of
hydrocarbons. However, these were not considered to be commercial and the well
will now be abandoned.
The rig will shortly be moved to the next location selected for drilling, the
Tanan North West prospect, five kilometres to the north east of the Malak-1
location. The new well, Tanan NW-1, will be spudded shortly.
The WEEM block lies in a prolific but geologically complex oil producing area
and Malak-1 is the deepest well ever drilled in the vicinity. The results
confirm the presence of hydrocarbons deeper than 3,600 metres and indicate the
potential for early Tertiary and Cretaceous source rocks below 3,000 metres to
be within the oil "kitchen" for the area. These provide further exploration
opportunities on the WEEM block and the data obtained from Malak-1 will be
invaluable for planning subsequent drilling.
Aminex has a 10% beneficial interest in the WEEM-2 concession through its
shareholding in Aminex Petroleum Egypt Ltd. Aminex's share of costs is carried
by other partners through to first commercial production. Aminex has no
financial exposure until commercial hydrocarbons have been established.
A further announcement will be made when Tanan NW-1 commences drilling.
For further information:
Brian Hall Aminex +44 20 7291 3100
Archie Berens Pelham +44 20 7743 6679
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange