Aminex (LON:AEX) announced this morning that their well at Shoats Creek, Louisiana, has reached total depth. The oil and gas exploration and production company has operated internationally since 1991 and currently produces oil and gas in the USA, with ongoing exploration activity in Tanzania, USA, Egypt and North Korea.
The Company revealed earlier today that the Olympia Minerals-1 well at Shoats Creek has reached a total depth of 9,508 feet (2,898 metres). and produces oil and gas in the USA, with ongoing exploration activity in Tanzania, North Korea, Kenya and Egypt. The Olympia Minerals-1 well in question is wholly owned by Aminex USA, a subsidiary of Aminex. The report said that wireline logs have identified potential oil and gas bearing intervals in Cockfield sands between 8,200 and 9,335 feet. The sands reportedly are a close match to the interpretation and mapping previously obtained from 3D seismic analysis of the prospect.
The company announced that they expect imminent testing of the well, beginning with the perforation of an interval at 9.320 feet. They anticipate that the well will then be available for commercial production in one or several zones. Going forward, the company plan further drilling at the Shoats Creek prospect. Of particular interest is the Wilcox sands, a prolific source of oil production in the Gulf of Mexico, previously identified by Seismic data. The board anticipate drilling a well to test these deeper Wilcox sands.
The chairman of Aminex, Brian Hall, commented:
"OM-1 [Olympia Minerals-1] is the first new well to have been drilled by our US subsidiary as operator for several years, encountering the Cockfield sands exactly as anticipated. Full credit is due to our in-house exploration team which successfully undertook a very complex 3D interpretation and to our operations team which drilled the well on time and under budget. Shoats Creek has been a dormant asset of the Company for many years with only limited production but the new 3D seismic is now allowing us to begin exploiting its full potential which should transform our US producing operation."