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The American Energy Group, Ltd. (OTCQB:AEGG) announced today that its subsidiary, Hycarbex-American Energy, Inc. (Hycarbex), the Operator of the Yasin 2768-7 exploration license in Pakistan, has successfully revived the productivity of its Haseeb No. 1 Well. This was achieved through workover activities necessitated by intrusion of formation water into the wellbore in 2014. The surface well test on the Haseeb No. 1 Well was conducted between July 28, 2018 and August 5, 2018, and the well produced gas at each of four varying choke sizes tested. At a 36/64 choke size, the well produced gas at the rate of 6.57 MMSCFD at a wellhead pressure of 1,222 psi and 872 BPD of water. Hycarbex is currently investigating the availability of gas processing services in the area in order to render the gas suitable for pipeline sale and, alternatively, the availability of industrial gas customers who do not require processed gas for their operations. The Company anticipates that Hycarbex will begin marketing gas within the first calendar quarter of 2019.
The May 11, 2018 extension of the Yasin license by the Director General Petroleum Concessions (DGPC) which was previously announced required performance of various obligations, including seismic, rework of the Haseeb No. 1 Well, work program obligations, and procurement of a bank guarantee within the extension period ending December 31, 2018. While the recent workover activities have revived the productivity of the Haseeb No. 1 Well, the seismic, work program and guarantee conditions imposed upon Hycarbex in the extension notification have not been completed. Hycarbex has requested adjustment to the timetable for these additional obligations from the DGPC.
This news release contains forward-looking statements, including estimated time lines for future events. All forward-looking statements in this disclosure, whether made by, or on behalf of the Company or by or on behalf of a project operator, are expressly qualified by the above 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 Pierce Onthank, President and CEO at (203) 222-7315 or [email protected]