Aminex PLC has provided the following update on its U.S. oil and gas activities.
SHOATS CREEK, LOUISIANA
Newly acquired and processed 3D seismic data has now been delivered and is being integrated with existing well data.
ALTA LOMA, TEXAS
The testing program on the recently-drilled Sunny Ernst-2 well is currently in progress subject to delays due to hurricane activity in the immediate area. Testing results will be made available when the test has been concluded.
SOUTH WESLACO, TEXAS
The GU-38 well drilled early in 2008 has been successfully fracture-treated, completed and is on production. A workover and recompletion of the GU-35 well has now been completed and the well is on stream. All four wells drilled at South Weslaco are now on production at a combined flow rate of over 3 million cubic feet per day.
Aminex Chairman Brian Hall commented, "New 3D seismic in and around our Shoats Creek leases has been acquired by Forest Oil Company as part of an extensive regional survey and has been provided free of charge to Aminex in return for access rights over our acreage. Shoats Creek has the highest potential of all our US properties with independently appraised P50 reserves value of over $100 million.
"This new seismic, acquired over very difficult and swampy terrain, should enable us to unlock the potential of this property. The Sunny Ernst-2 well at Alta Loma logged multiple gas sands as announced to shareholders in August, including 60 feet (18 meters) of net gas pay in the "S" sand formation together with three other gas-bearing formations. Testing had already begun shortly before the arrival of Hurricane Gustav. We are very optimistic about this well."
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