31st May 2012 07:00
WESSEX EXPLORATION PLC
(AIM: WSX)
Juan de Nova Update
Wessex Exploration PLC (Wessex or the Company) is pleased to announce that following the purchase of approximately 1,000 kilometres of 2-D seismic data shot by TGS-Nopec in 2006, Wessex has completed the reprocessing of the dataset, with particular emphasis on the shallow water area, which will allow a more accurate subsurface interpretation to be made.
The Company is currently negotiating terms for the re-interpretation of the data which once complete is likely to be followed up by a detailed 2-D seismic survey, or perhaps a more-focused 3-D survey, later this year, in preparation for the delineation of a drillable prospect later in 2013.
This activity is in addition to the ongoing farm in negotiations which continue apace.
Over recent months, Wessex has seen a significant increase in industry interest in the Juan de Nova Est permit triggered by the ongoing very large deep water gas discoveries offshore Mozambique, across the Mozambique Channel. As a result, several large Oil & Gas companies have signed confidentiality agreements with Wessex and are evaluating the data, including the newly-reprocessed seismic data.
Wessex owns a 70 per cent. interest in Juan de Nova Est comprising 9,100 square kilometres in the Northern Morondava Basin in the Mozambique Channel, north-west of Madagascar.
Contacts | |
Wessex Exploration PLC | www.wessexexploration.com |
Frederik Dekker - Managing Director | +44 (0) 1225 428139 |
WH Ireland Limited | www.wh-ireland.co.uk |
John Wakefield / Marc Davies (Corporate Finance) | +44 (0) 117 945 3470 |
Ruari McGirr / Sebastian Wykeham (Institutional Sales) | +44 (0) 207 220 1691 |
Yellow Jersey PR | +44 (0) 776 853 7739 |
Dominic Barretto |
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