Drilling Success at Shoats Cr

RNS Number : 6994I

Aminex PLC

17 March 2010

 



 AMINEX PLC

DRILLING SUCCESS AT SHOATS CREEK, LOUISIANA

Aminex PLC ("Aminex" or the "Company") announces that the Olympia Minerals-1 well at Shoats Creek, Louisiana (OM-1) has reached total measured depth ("MD") of 9,508 feet MD (2,898 metres MD).  Wireline logs have identified several potential oil and gas bearing intervals in Cockfield sands between 8,200 and 9,335 feet.  The sands identified closely match the prognosis obtained from interpretation and mapping of new 3D seismic over the property. 

OM-1 has now been cased and a testing programme will be initiated in the immediate future, commencing with the perforation of an interval at 9,320 feet MD (2,840.6 metres MD).  Following the test results it is anticipated that the well will initially be placed on commercial production from one or more zones. 

Aminex USA, Inc., a wholly-owned subsidiary of the Company, holds a 100% working interest in OM-1.  Further drilling is planned at Shoats Creek this year with the high possibility of drilling a well to test the deeper Wilcox sands identified by 3D seismic.  The Wilcox sand is a prolific oil producer in the Gulf of Mexico region but has never been produced in this field.

Commenting on the well result Aminex chairman Brian Hall said:"OM-1 is the first new well to have been drilled by our US subsidiary as operator for several years, encountering the Cockfield sands exactly as anticipated.  Full credit is due to our in-house exploration team which successfully undertook a very complex 3D interpretation and to our operations team which drilled the well on time and under budget.  Shoats Creek has been a dormant asset of the Company for many years with only limited production but the new 3D seismic is now allowing us to begin exploiting its full potential which should transform our US producing operation."

For further information please contact:

Aminex PLC                                        [phone]

Brian Hall - Chairman

Pelham Bell Pottinger                   [phone] or [phone]

Archie Berens

 

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