AMINEX, the oil production and development company, is on course to double oil production from its Russian wells to 5,000 barrels a day and increase profits by a significant multiple this year, chief executive, Mr Brian Hall said yesterday. After the company's a.g.m, Mr Hall said the company was benefiting from the high price of oil and was moving to expand its drilling operations in Russia and the US.
Last year Aminex drilled 2,000 barrels a day in Russia but this could rise to 5,000 by the end of the year, Mr Hall added.
He said Aminex was close to signing a $2.5 million hire/purchase deal with Magnetic Corp for a new mobile drill rig. This would enable the company to speed up its drilling operations in southern Russia.
He said an oil pipeline to service the company's wells in the larger Kirtayel field would soon be completed and oil production was expected to rise significantly.
Aminex has drilled 10 wells in the US since September 1999, seven of which had been successful, said Mr Hall. He said the company expected to drill a further 30 before December 2000.
