American Energy Announces Pakistan Plans On Track.HOUSTON--(BUSINESS WIRE)--Oct. 27, 1999-- The American Energy Group, Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AMEL) announced today that its plans to drill an exploratory well early next year on its Jacobabad oil and gas concession in central Pakistan remain unchanged despite the October 12th change in governmental control. The company has been involved in exploration in the country for over four years with an investment of over 7 million dollars in seismic surveys and exploratory drilling. Charles Valceschini, president of the company's international exploration subsidiary, Hycarbex-American Energy, Inc., recently conducted informal meetings in Islamabad with various officials of the Pakistan Ministry of Petroleum and Natural Resources. Upon completion of these meetings Valceschini stated: "We enjoy an excellent relationship with the Ministry, see promising exploration opportunities ahead here, and will continue to move forward with our near-term and long-term plans for exploration on our Jacobabad concession." The company plans to spud its next exploration well in early 2000 and is currently in logistical lo·gis·tic also lo·gis·ti·cal adj. 1. Of or relating to symbolic logic. 2. Of or relating to logistics. [Medieval Latin logisticus, of calculation and technical planning for this project. Hycarbex owns 95% of the working interest in the Jacobabad concession and the Pakistan Government owns a 5% working interest. The Pakistan Government has the option to increase its holdings to a 25% working interest in the event of commercial discovery. New natural gas field discoveries have recently been made adjacent to the concession, and the company's management and technical teams are encouraged by these developments. Hycarbex has drilled three exploratory wells on its concession to date without achieving a commercial discovery, but has encountered natural gas shows in all three wells. Hycarbex has suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. operations on one well pending further testing, has plugged one well due to mechanical and downhole difficulties while drilling, and has plugged a second well due to contact with natural gas containing a high content of H2S H2S Hydrogen Sulfide H2S How to Succeed in Business Without Really Trying (Also abbreviated H2$) H2S Heart to Soul (song) and CO2. The company's technical team is evaluating the geological and geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. data derived from these wells to optimize the selection of future drillsites on the approximate one million acres (fifteen hundred square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. ) comprising the concession. The American Energy Group, Ltd. is an independent oil and gas exploration, drilling, and production company based in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , involved in both domestic and international exploration projects. Certain matters described in this report are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. and are subject to risks and uncertainties that could cause actual results to differ materially from those projected |
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