GREY:GRDSF - Post by User
Post by
retsinaon Apr 29, 2008 9:02am
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Post# 15018070
Tristone blurb on Tanan NW-1
Tristone blurb on Tanan NW-1Aminex (AEX-L; 22p): 2nd Egyptian Exploration Well Spudded (MP; 25p target), Toby Pierce
The Tanan NW-1 exploration well on AEX’s West Esh El Mellaha - 2 (WEEM-2) PSA, onshore Egypt (10% WI) has been spudded and is expected to reach a target depth of 2620m in 25 days.
Tanan NW-1 is the 2nd of 3 commitment exploration wells on the PSA where AEX is fully carried for its 10% WI through to commercial production of hydrocarbons. The well location and 3.1km NW of the Tanan-1 oil well in the adjacent block.
Egypt offers AEX low risk commerciality in the discovery case due to existing infrastructure close by and its carried interest. We carry Tanan NW at 1.1 p/sh, 3.4 p/sh unrisked.