Aminex PLC, the oil and gas company listed in London and Dublin provides the following progress report on the GU#38 well at South Weslaco, Hidalgo County, Texas.
GU#38 was spudded on Dec. 23, 2007, and achieved planned total depth of 11,000 feet (3,352 meters) on Jan. 9, in deep Frio sands which had not been reached by the three previous wells drilled in the current program. Drilling was achieved in 16 days, well ahead of the target drilling time of 25-30 days.
Logs give strong indications of several potentially gas-bearing zones. Casing is currently being set and preparations made for testing and for possible fracturing of the deepest zone if necessary.
Aminex USA, Inc., a wholly-owned subsidiary of the Company, holds a 25% interest in this well. Partners are Stalker Energy (49%), Activa Resources (25%) and Kaler Energy (operator of the well) (1%).
Upon completion of GU #38, the joint venture will commence drilling GU#39, the next well in the program, which will test even deeper prospective formations.
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