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LONDON (Alliance News) - Aminex PLC Tuesday said it has been advised by the operator of the West Esh el Mellaha production sharing contract in Egypt that the South Malak-2 well is due to spud imminently.
The company also said it has been informed that a second site in the area has been selected for drilling, Wadi Kofra-1. Drilling of this well is expected to start in late 2014, Aminex said.
Aminex holds an effective carried interest in the two wells of 10% via its 12.5% shareholding in Aminex Petroleum Egypt Ltd.
The company also said that Shore Capital Stockbrokers Ltd has indicated an intention exercise the 30.3 million warrants in Aminex it was granted as part of its fundraising in February.
The move by Shore will provide Aminex with further capital of GBP302,875, which Aminex said will be made available for debt retirement and general corporate purposes.
"As a carried interest partner, the imminent spudding of the South Malak-2 well and further drilling of Wadi Kofra-1 are a positive step in moving the WEEM 2 PSC forward. The focus remains on Tanzania where the GSA is awaiting final completion and production is expected in the first half of 2015," said Aminex Chief Executive Officer Jay Bhattacherjee.
Aminex shares were up 7.3% to 2.92 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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