16th Apr 2008 11:22
Aminex PLC16 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 Mellahahconcession ("WEEM-2") in the onshore Gulf of Suez and operated by an associatedcompany, Aminex Petroleum Egypt Ltd., reached a total depth of 3,692 metres andobtained positive gas readings from several intervals, proving the presence ofhydrocarbons. However, these were not considered to be commercial and the wellwill now be abandoned. The rig will shortly be moved to the next location selected for drilling, theTanan North West prospect, five kilometres to the north east of the Malak-1location. The new well, Tanan NW-1, will be spudded shortly. The WEEM block lies in a prolific but geologically complex oil producing areaand Malak-1 is the deepest well ever drilled in the vicinity. The resultsconfirm the presence of hydrocarbons deeper than 3,600 metres and indicate thepotential for early Tertiary and Cretaceous source rocks below 3,000 metres tobe within the oil "kitchen" for the area. These provide further explorationopportunities on the WEEM block and the data obtained from Malak-1 will beinvaluable for planning subsequent drilling. Aminex has a 10% beneficial interest in the WEEM-2 concession through itsshareholding in Aminex Petroleum Egypt Ltd. Aminex's share of costs is carriedby other partners through to first commercial production. Aminex has nofinancial 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 3100Archie Berens Pelham +44 20 7743 6679 ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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