Interim Management Statement

RNS Number : 4753U

Aminex PLC

15 May 2008

 

Company Name                              Aminex PLC

Headline                                          Interim Management Statement

15 May 2008

Aminex PLC

Interim Management Statement for quarter ended 31 March 2008

Aminex PLC ("Aminex"), the oil and gas company listed on the London and Irish Stock Exchanges, today issues its first Interim Management Statement ("IMS"), in accordance with the EU's Transparency Directive which requires certain listed companies to provide periodic updates to the capital markets in addition to their existing reporting requirements. The IMS covers the first quarter of the Group's financial year, 1 January to 31 March 2008.

Operations

US Drilling:  The GU-38 well at South Weslaco, Hidalgo County, Texas reached its target depth of 3,350 metres in January with logs indicating several potentially gas-bearing zones. The well awaits fracture treatment in the deeper zones and completion for commercial production.  Aminex has a 25% working interest in this well.

Tanzania Drilling: The Kiliwani-1 exploration well at the offshore Nyuni licence encountered gas shows but was plugged and abandoned as non-commercial in February. The drilling rig then moved to Kiliwani North where it drilled Kiliwani North-1 ("KN-1"). In March KN-1 was completed as a gas discovery, having encountered a gross 60 metre gas column from which gas samples were recovered.  KN-1 will be subjected to a full well test in the near future when appropriate equipment has been mobilised from the Middle East.  Further appraisal drilling will be required at KN-1 in due course.  Aminex has 40% of the Nyuni licence. 

Egypt Drilling: At West esh el Mellahah Block 2 ("WEEM-2") in the onshore Gulf of Suez region, the first well in a minimum three-well programme, Malak -1, was drilled to a depth of 3,800 metres. Strong indications of hydrocarbons were encountered but not found to be commercial. The well has now been suspended and the rig is currently drilling ahead on the nearby NW Tanan prospect, to a target depth of approximately 2,600 metres.  Aminex has 10% of WEEM-2 and its share of costs is carried by other partners through to first commercial production.

Financial

Aminex  issued its preliminary results statement for the calendar year 2007 on 28 March 2008.  Trading during the first quarter of 2008 is in line with the Group's expectations. 

  Outlook

Aminex has an ongoing work programme which will involve drilling an exploration well at Alta Loma (Texas), further exploration drilling in Egypt and further development drilling at South Weslaco (Texas) this year, together with likely further seismic surveys in Madagascar, Tanzania and Kenya. A development plan for the Kiliwani North discovery will be prepared as soon as the full well test has been carried on the KN-1 discovery. In early 2009 exploration drilling is likely to start on Aminex's licences on the Tanzanian side of the Ruvuma basin.

A.G.M.

The Annual General Meeting of the Group will be held on 4 June 2008 at The Westbury Hotel, Grafton St., Dublin 2 at 11 a.m. 

Aminex PLC 

Brian Hall, Chairman

Simon Butterfield,  Finance Director

For further information:

Brian Hall	Aminex	[phone]
Archie Berens	Pelham PR	[phone]

 

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