Petroleum Africa
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Tuesday, March 10, 2015
Aminex reported that through its effective 12.5% interest in Aminex Petroleum Egypt Ltd. (APEL), a discovery on the West Esh el Mellaha-2 Concession (WEEM-2) was made. The South Malak-2 (SM2) well was officially deemed a discovery by Egypt’s Ministry of Petroleum.
Tests showed production flow rates of approximately 430 bpd of 40°API crude. Based on the success of SM2 a full field development program will be presented to the Egyptian authorities.
APEL holds 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.
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