Aminex's South Malak-2 Well Declared a DiscoverySource: www.gulfoilandgas.com 3/9/2015, Location: Egypt
Aminex PLC notes the Ministry of Petroleum of Egypt declaration that the South Malak-2 well (‘SM2’) on the West Esh el Mellaha-2 concession in Egypt has been declared a discovery well. Tests showed production flow rates of approximately 430 barrels per day of 40 API crude. Based on the success of SM2 a full field developmentprogramme will be presented by the Operator to the Egyptian Authorities and the joint venture partners prior to commercial development.
The Company’s effective 10% interest in WEEM-2 is held via a shareholding in a limited company known as Aminex Petroleum Egypt Ltd. (‘APEL’), in which Aminex has a 12.5% interest. APELholds an 80% interest in the WEEM-2 concession. Once the full development plan has been presented and in view of its carried interest which will generate income only after the funding partners have recovered their cumulative investment, Aminex will assess the economic benefit of this discovery to the Company and act accordingly. The Company continues to receive information only when the operator provides it to the Company.
Further information on this project will be released when available.
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