US Reserves Update

RNS Number : 5933F

Aminex PLC

28 April 2011

 



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                                        [phone]

Max Williams

Chief Financial Officer                 

Pelham Bell Pottinger                   [phone] or [phone]

Archie Berens

 

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