UPDATE ON MARKETING OF US ASSETS FOR DIVESTITURE

RNS Number : 6430I

Aminex PLC

27 July 2012

 



UPDATE ON MARKETING OF US ASSETS FOR DIVESTITURE

Aminex PLC ('Aminex' or the 'Company'), an independent oil company listed on the main market of the London and Irish Stock Exchanges with exploration and development assets in the emerging hydrocarbon province of East Africa, today announces an update on the marketing programme to sell its remaining assets in the United States. 

As previously announced, Aminex plans to sell three producing properties in the US:  Alta Loma and South Weslaco in Texas and Shoats Creek in Louisiana.  The Company has retained Meagher Energy Advisors to market the properties and advise on the sale with completion expected in Q4 2012.

Aminex has received notification from the operator of Alta Loma that it plans imminently to drill and complete a saltwater disposal well that will allow the property to produce at full potential whilst reducing per unit operating costs.    Concurrently the operator of Shoats Creek has notified Aminex that it plans to recomplete the lower zones of the OM10-1 well and improve saltwater disposal facilities there, in order to increase production and reduce operating expense.   Aminex has notified both operators of its approval to proceed with these projects effective immediately.

Aminex has temporarily delayed the sale of the US properties until after these new projects are completed and production results have stabilised in the coming weeks.   Aminex expects to complete the sale of the US assets in Q4 2012 as announced previously.

Aminex CEO, Stuard Detmer, commented:  "The projects at Alta Loma and Shoats Creek are expected to be completed quickly and to improve asset performance materially, so the decision has been taken to temporarily delay the marketing process to ensure maximum realised value from the divestiture.   The sale is still expected to complete in Q4 2012 in order to focus investment on high-impact opportunities in Aminex's core African geography."

For further information:

Aminex PLC                                          [phone]

Stuard Detmer - CEO

M: Communications                           

Patrick d'Ancona                                 [phone] or  [phone]

Chris McMahon                     [phone] or  [phone]

 

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