Thursday July 3, 9:12 am ET
WESTPORT, Conn.--(BUSINESS WIRE)--The American Energy Group, Ltd. (OTC BB: AEGG.OB) announced today that Hycarbex-American Energy, Inc. ("Hycarbex") has updated its calendar 2008 scheduled activities relating to the construction of a surface treatment facility to serve the existing Haseeb # 1 Well and relating to the drilling of a new exploratory well on the Yasin Block (2768-7). The American Energy Group, Ltd. owns an 18% gross royalty in the Yasin Block (2768-7) Concession, including the Haseeb #1 Well. The working interest is co-owned by Hycarbex (85%), Techno Petroleum (Pvt) Limited (10%) and Government Holdings (Pvt) Limited (5%).
Hycarbex previously announced public advertisement for construction bidding on its planned surface treatment facility for the Haseeb #1 gas expected to be sold into the Sui Southern Pipeline. Hycarbex is prepared to award the construction contract to the successful bidder but approval of the contract and the proposed construction is required from the Ministry of Petroleum and Natural Resources. The results of the February 18, 2008 general elections have resulted in changes and anticipated changes in key personnel within the Ministry, including the appointment of a permanent Minister to oversee the agency. The delays in the appointment of the permanent Minister have caused corresponding delays in the various approvals typically awarded by the Ministry, including those needed by Hycarbex to complete the construction. Hycarbex anticipates that the Ministry positions will be filled soon based upon the country's large current energy consumption rates and the substantial number of important energy producing projects pending before the Ministry.
Hycarbex likewise previously announced its plans to drill an exploratory well on the Yasin Block during the second calendar quarter of 2008. The drilling rig contracted for the Hycarbex exploratory well is currently dedicated to a third party drilling project. The rig has experienced certain technical problems requiring repairs delaying the completion of the third party drilling project. As a result, the contracted drilling rig is not expected to be available for the new exploratory well until the latter part of August, 2008. Drilling will begin on the new exploratory well at the selected well site when the drilling rig is relocated from its current project site promptly following its release. Hycarbex has announced that the exploratory well shall be named "Yasin Exploratory Well # 1" and that its target total depth will be 1,550 meters (5,085 feet). The target structure was identified using seismic results which were completed in December 2007. Hycarbex reports that the seismic analysis indicates the presence of two potential reservoirs, being the Sui Main Limestone at 1,110 meters (3,642 feet) with an indicated estimated closure of 23.4 square kilometers (9 square miles) and vertical relief of 40 msec., and the deeper Pab Sandstone at 1,550 meters (5,085 feet) with an estimated closure of 21.49 square kilometers (8.3 square miles) and vertical relief of 30 msec.
This news release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements, including potential production rates and potential reserves, which estimates are unproven and not based upon actual production data or historical facts. These statements are subject to uncertainties and risks including, but not limited to, economic conditions, the impact of competition and pricing, actual operating conditions and results, and domestic and foreign government regulation and approvals. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of the Company are expressly qualified by the cautionary statements and any other cautionary statements which accompany the forward-looking statements. In addition, the Company disclaims any obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100, Maitland, FL 32751,
(800) 733-2447,Fax: (407) 644-0758,
info@redchip.com
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