Aminex PLC announced the sale of the Somerset Field in Texas.
The Company's Aminex USA, Inc. subsidiary has completed agreements to sell leases and other assets comprising the Somerset Field for a total consideration of $701,600. The sale was comprised of two separate transactions:
Aminex purchased the Somerset Field assets in 1994 and the property consists of a large number of low-productivity 'stripper' wells. Due to the potential abandonment liabilities and a high operating cost per barrel, no reserves value has been attributed to Somerset in recent years.
Aminex CEO, Stuard Detmer, commented, "The divestment of the Somerset properties, while small in size, is an important first step in rationalizing the Aminex portfolio and redirecting resources towards high impact investments in core geographies."
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