News

March 19, 2010

Aminex Prepares To Test Shoats Creek Well As Investors Await News From Likonde-1

Investors in Aminex had reason to cheer this week as the company’s first well on its long-dormant Shoats Creek property in Louisiana came good, finding evidence of the black stuff in the Cockfield sands. Shares in the London-listed company gained 15 per cent to stand at 14.75 pence on the news.

Shoats Creek has been something of the sleeper in the portfolio.  Newsflow at Aminex is dominated by its big ticket exploration in East Africa, where even now a potential company-making well, Likonde-1, is drilling ahead in Tanzania, but it is the lower profile US production business that keeps the lights on.  In recent years, however, following a couple of successful wells on its Texan properties and a 3D shoot over the Shoats Creek property, there has been growing appreciation of...