Hycarbex-American Energy, Inc. Announces Completion of Surface Facility and Updated Schedule for Pipeline Connection
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WESTPORT, Conn.--(BUSINESS WIRE)--The American Energy Group, Ltd. (OTC.BB: AEGG - News) announced today that Hycarbex-American Energy, Inc. (“Hycarbex”) has provided a status update as to the completion of the surface treatment facility and pipeline connection for the Haseeb #1 Well on 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%), Hypak Asia (Pvt) Ltd. (10%) and Government Holdings (Pvt) Limited (5%).
Hycarbex previously announced the anticipated completion in October of 2009 of its surface treatment facility for the Haseeb #1 Well as well as the anticipated connection to the pipeline for gas sales. The surface treatment facility has been under construction for the last year by EPS, an affiliate of Specialty Process Equipment Corporation (“SPEC”), a worldwide specialist in design, engineering and custom fabrication of processing facilities based in Houston, Texas, with manufacturing facilities in Houston, Texas, United Arab Emirates and Pakistan [website: www.spec-pro.com
]. Hycarbex has announced that EPS has completed the surface treatment facility. This state-of-the-art facility includes a three-phase production separator composed of an amine sweetening unit, a glycol dehydration unit, a metering skid, a flare system, a sour water system, a water transfer system, an instrument air system, a fuel gas conditioning skid, an incinerator package, a heat medium system, a motor control center with soft starters, a synchronization panel for gensets and a Yokogawa Distributive Control System for plant control and shut down. The remaining task to be completed by EPS for Hycarbex is the connection of the Haseeb #1 Well to Sui Southern Pipeline Company for commencement of gas sales. The pipeline connection and commencement of gas sales is now expected in December, 2009, according to Hycarbex, in order to permit delivery of a shipment of amine to EPS for use in the amine sweetening unit. According to Hycarbex, the shipment of amine has already departed the United States with a Karachi, Pakistan port destination. Upon its arrival, the shipment must clear customs and then be delivered to the surface facility site in order to accommodate the final pipeline connection.
This news release contains forward-looking statements, including estimated time lines for future events. 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. Forward-looking statements are subject to uncertainties and risks including, but not limited to, economic conditions, drilling risks and actual operating conditions and results, deviation in costs of critical equipment and services, deviation in production decline rates, the impact of competition and commodity pricing, and domestic and foreign governmental regulation and approvals.
The United States Securities and Exchange Commission (“SEC”) permits the disclosure in SEC filings of only “proved reserves” by oil and gas companies. Proved reserves are reserve estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. The term “probable reserves” when used by the Company in its disclosures means reserves which are more likely than not to be recoverable. The term “possible reserves” when used by the Company in its disclosures means reserves which are less likely to be recoverable than probable reserves. Estimates of probable reserves and possible reserves are more uncertain than estimates of proved reserves and thus are subject to substantially greater risk of not being realized.