Aminex PLC (LON:AEX) said an update by the reporting engineers regarding Shoats Creek in Louisiana has resulted in an increase in the size of the reserve and the valuation.
Ongoing work based on new production information and further interpretation of 3D seismic by both the company and the reporting engineers has identified additional features to enhance and accelerate production, with the result that the reporting engineers have now restated the Shoats Creek reserves.
The most significant changes are due to increased Cockfield reserves which can be accessed by proposed water-flood techniques and an increase in the net present value of future production as a result of the timing of proposed development drilling.
The proved US reserves net to Aminex, comprising Shoats Creek, Alta Loma and South Weslaco, now total 2.49 million barrels of oil equivalent - of which 1.646 million are on Shoats Creek - worth a total US$46.44 million.
The 2P reserves, proved and probable, come to 7.486 million boe net to Aminex, from all three properties, and stand at 6.434 million boe for Shoats Creek alone. The 2P reserves are valued at US$134.725 million.
The drilling programme at Shoats Creek will continue this year with two firm wells planned.
Aminex last month concluded a placing and open offer, raising US$40 million.
Two weeks ago, the group formally extended the Nyuni East Songo-Songo production sharing licence in Tanzania for an additional 6 months. Spudding the Nyuni-2 well is imminent.
Aminex has a 65 percent interest in the Nyuni PSA.