Aminex Share News (AEX)

LONDON (Dow Jones)--Aminex PLC (AEX.LN), said Friday that its subsidiary Aminex U.S. Inc has entered into an Area of Mutual Interest Agreement and a Joint Operating Agreement with El Paso E&P Company, L.P. covering 960 acres, to explore the potential of the deep Wilcox formation which is believed to lie under the Shoats Creek area of Beauregard Parish, Louisiana. MAIN FACTS: -Wilcox sands were encountered during drilling within Shoats Creek by a previous operator in 1989 but for operational reasons never tested and these sands are clearly identifiable from subsequent 3D seismic data acquisition. -A suitable rig has become available to drill at Shoats Creek and a first well, designated Olympia Minerals-10-1, has now been spudded. -Targeted total vertical depth or TD is 12,000 feet and Aminex owns a 50% non-operated interest in this well. -Aminex estimates that drilling time to TD will be 3-4 weeks, subject to any unforeseen operational delays. -Shares at 1100 GMT traded at GBP6.63 pence, valuing the company at GBP28.50 million. -By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; razak.baba@dowjones.com (END) Dow Jones Newswires July 16, 2010 07:02 ET (11:02 GMT)