Aminex announced that the Olympia Minerals-1 well (OM-1) at Shoats Creek was spudded on February 17, 2010 using the Crown Drilling Rig No. 2. OM-1 is the first well in a drilling program based on interpretation of new 3D seismic data over the property and will be drilled to an estimated total depth (TD) of 9,500 (2,896 meters) to test multiple sands in the Cockfield formation.
Subject to any unforeseen operational delays, the drilling time to TD is likely to be 21 days. Aminex is the operator of OM-1 and holds a 100% working interest while Olympia Minerals, Inc. Is the lessor of the mineral rights at the well location.
Aminex's Shoats Creek property covers 1,570 acres in Beauregard Parish, Southwest Louisiana, close to the Texas border. Shoats Creek is made up of proved, undeveloped reserves in Frio and Cockfield sands with deep exploration potential in Wilcox sands, all of which have now been extensively remapped and integrated with existing well data using the 3D seismic. It is anticipated that a deep Wilcox well will be drilled in due course in conjunction with a potential farm-in partner.
Aminex Chairman Brian Hall commented, "We have an active drilling program planned for 2010 and OM-1 is our second new well start since the beginning of the year. In parallel with OM-1 we are currently drilling Likonde-1 in the Ruvuma Basin of Tanzania where good progress is being made. The Company has owned the rights to Shoats Creek for several years and predecessors have produced very light oil and high quality gas there since the late 1950s. However, understanding of complex multiple prospects has now been transformed with benefit of the new 3D seismic data."
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