Friday, June 03, 2011
Aminex plc
Aminex provided a further update on progress at the Sunny Ernst-2 well ('SE-2') on its Alta Loma property, Galveston County, Texas.
Enhanced treatment facilities have now been successfully installed and other production facilities upgraded. Production is being increased gradually during pressure monitoring and is currently producing at 8.1 million cubic feet gas per day and 345 barrels condensate (1,695 Barrels oil equivalent) from the recently perforated 'S' sands formation, with no significant decline in pressure. Higher production rates should ultimately be achieved but the well is being prudently managed for the time being in compliance with Federal regulatory limits and current pipeline availability. Gas and condensate produced from SE-2 is sold to market at a premium respectively over posted gas prices and over the West Texas Intermediate marker price for crude oil in the USA.
Aminex USA, Inc. (a wholly-owned subsidiary of the Company) has a 37.5% interest in this well which is operated by El Paso E&P, LP. Several other parties share ownership of the remaining 37.5% of the property. Aminex's working interest share of production equates to approximately 636 barrels oil per day, of which 20% is condensate and 80% is gas.
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