LONDON (Dow Jones)--Aminex PLC (AEX.LN), an oil and gas company, said Wednesday the Olympia Minerals-1 well at Shoats Creek, Beauregard Parish, Louisiana, yielded a rate of 504 barrels of oil per day, or BOPD, under initial test conditions, together with associated gas of 350 thousand cubic feet per day. MAIN FACTS: -Olympia Minerals-1 well is operated by company's unit Aminex U.S.A Inc. -Four of the logged zones encountered during drilling have been extensively tested and the Cockfield-2 sand at a depth of 8,600 feet has been selected and completed for production. -To avoid the risk of sand and water intrusion the well will be carefully managed and initially placed on production at an estimated average daily flow rate of 150 barrels of oil; Gas sales will require the installation of treating facilities before being injected into the sales line. -Due to its high quality and proximity to refineries, Shoats Creek oil sells at a premium to the West Texas Intermediate marker crude. -This is the first well drilled at Shoats Creek with benefit of 3D seismic and the next well is likely to test the deeper Wilcox sands which are believed to underlie the property. -Shares of Aminex on Tuesday closed at 7.4 pence, valuing the company at GBP31.7 million. -By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, tapan.panchal@dowjones.com (END) Dow Jones Newswires June 30, 2010 02:20 ET (06:20 GMT)
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