Aminex PLC, the oil and gas company listed in London and Dublin, announces that the NW Tanan-1 exploration well on the West esh el Mellahah concession in Egypt (WEEM) has reached basement at a depth of 2,357 metres with well logs indicating that no hydrocarbons were encountered. The well will now be plugged and abandoned and the rig temporarily released pending evaluation of the well and integration with existing 3D seismic.
Aminex has a 10% beneficial interest in the WEEM concession through its shareholding in Aminex Petroleum Egypt Ltd. and Aminex’s share of exploration of costs is carried by other partners through to first commercial production. Aminex therefore has no financial exposure until commercial hydrocarbons have been established. NW Tanan-1 is the second in a minimum programme of three wells scheduled to be drilled on WEEM during the current programme.
(Aminex Press Release)