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Aminex Regulatory News (AEX)



Regulatory News for Aminex (AEX)


Share Price: 1.825Bid: 1.80Ask: 1.85Change: -0.075 (-3.95%)Faller - Aminex
Spread: 0.05Spread as %: 2.78%Open: 1.85High: 1.85Low: 1.825Yesterday’s Close: 1.90





SALE OF SOMERSET FIELD, TEXAS

Thu, 1st Mar 2012 07:00

RNS Number : 4416Y
Aminex PLC
01 March 2012
 

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SALE OF SOMERSET FIELD, TEXAS

 

 

Aminex PLC ('Aminex' or the 'Company'), an independent oil company listed on the main market of the London and Irish Stock Exchanges with exploration and development assets in the emerging hydrocarbon province of East Africa, today announces the sale of the Somerset Field in Texas.

 

The Company's Aminex USA, Inc. subsidiary has completed agreements to sell leases and other assets comprising the Somerset Field for a total consideration of $701,600.  The sale was comprised of two separate transactions:

 

1.    A portion of the field was sold for $326,600 to Sun Edison which will construct solar farms on the property.

2.    The remainder of the field and related assets were sold to Cheap Oil Inc. for $375,000.  Cheap Oil assumes responsibility for plugging and abandoning old wells and other facilities where required, estimated by Aminex to cost approximately $2 million.  Cheap Oil Inc. will also take over liability for equipment leases.

 

Aminex purchased the Somerset Field assets in 1994 and the property consists of a large number of low-productivity 'stripper' wells.  Due to the potential abandonment liabilities and a high operating cost per barrel, no reserves value has been attributed to Somerset in recent years. 

 

Aminex CEO, Stuard Detmer, commented:  "The divestment of the Somerset properties, while small in size, is an important first step in rationalising the Aminex portfolio and redirecting resources towards high impact investments in core geographies."

                           

For further information:

 

Aminex PLC                                          +44 (0) 20 7291 3100

Stuard Detmer - CEO

 

M: Communications                           

Patrick d'Ancona                                 +44 (0) 20 7920 2347 or +44 (0) 7768 981 256

Chris McMahon                     +44 (0) 207 920 2358 or  +44 (0) 7703 045 103

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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