28th Apr 2011 07:00
AMINEX PLC
US RESERVES UPDATE
Aminex PLC ('Aminex' or the 'Company) announces an update of its US audited reserves.
With 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.
The 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.
The revised group oil and gas reserves in the USA are tabulated below.
1P Case (proved) | ||||||
Net Oil | Net Gas | Net BOE | PV 10 value | |||
mbbl | mmcf | mboe | $'000 | |||
Shoats Creek | 606 | 6,237 | 1,646 | 26,604 | ||
Alta Loma | 124 | 3,535 | 713 | 18,274 | ||
South Weslaco | 2 | 778 | 132 | 1,559 | ||
TOTALS | 732 | 10,550 | 2,490 | 46,437 | ||
2P Case (proved+probable) | ||||||
Net Oil | Net Gas | Net boe | PV 10 value | |||
mbbl | mmcf | mboe | $'000 | |||
Shoats Creek | 3,348 | 18,517 | 6,434 | 111,927 | ||
Alta Loma | 157 | 4,461 | 900 | 21,089 | ||
South Weslaco | 2 | 894 | 151 | 1,709 | ||
TOTALS | 3,507 | 23,872 | 7,486 | 134,725 | ||
Terms used |
Mbbl thousands of barrels of crude oil |
Mmcf millions of cubic feet of natural gas |
Boe barrels of oil equivalent |
Mboe thousands of barrels of oil equivalent |
PV10 value Net present value of future production in US Dollars discounted at 10% per annum |
For further information please contact:
Aminex PLC +44 (0) 20 7291 3100
Max Williams
Chief Financial Officer
Pelham Bell Pottinger +44 (0) 20 7861 3112 or +44 (0)7802 442 486
Archie Berens
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