sp18 Mar 2014 08:53
Wessex holds three licences in the South of England alongside its partner and operator, NWE Mirrabooka (a fully owned subsidiary of ASX listed Norwest Energy NL). The two-year Promote phase of the P1928 offshore exploration licence expires in February 2014 but can be extended for two years as a traditional licence if a well commitment is made; P238 and P239 initial terms expire in July 2014.
•Wessex continues to evaluate its three licences with the intent of bringing at least one of the known leads to drillable status in early 2014. If we are able to attract a farm-in partner to carry a large proportion of the drilling cost, we would expect to make a commitment to drill within the following two years.
•Our licences are located on the northern flank of the English Channel Basin close to the prolific Wytch Farm oilfield (500 million barrels recoverable), the largest onshore oilfield in western Europe.
•The licenses include areas into which oil may have migrated east of the main hydrocarbon trap at Wytch Farm as that trap was modified by later uplift and tilting.
•A regional study has confirmed that the oil source is likely to lie in the deep part of the English Channel Basin, lying south of the Purbeck-Isle of Wight Fault Zone.
•A high resolution airborne Full Tensor Gravity survey was conducted over the onshore area by the license group in 2009 and new seismic lines were recorded in the Isle of Wight in 2012. The group plans to acquire new shallow water 2-D seismic data in P1928 in September 2013.
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