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Aminex Egypt exploration drilling to start imminently

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Aminex (LON:AEX) told investors that drilling is set to start imminently at an exploration project in Egypt.

The South Malak 2 exploration well is the first of two planned wells in the programme. It will be followed by the Wadi Kofra 1 well before the end of the year. 

The company has a 10% interest in the venture via its 12.5% stake in its associate Aminex Petroleum Egypt.

"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,” said chief executive Jay Bhattacherjee.

“The focus remains on Tanzania where the GSA is awaiting final completion and production is expected in H1 2015."

Aminex also revealed it is raising just over £300,000 as a result of Shore Capital exercising 30.2mln share warrants which were issued to the broker as part of a placing in February.

Quick facts: Aminex PLC

Price: 1.425 GBX

LSE:AEX
Market: LSE
Market Cap: £53.73 m
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