7 Nov 2014 08:33
WESSEX EXPLORATION PLC
(AIM: WSX)
Successful Application in UK 28th Seaward Licensing Round
Wessex Exploration PLC ("Wessex" or "the Company") is pleased to announce the provisional award by the UK Department of Energy and Climate Change ("DECC") of a Promote Licence over blocks 98/7b, 98/8a and 98/12 (northern part), which lie to the east of the Wytch Farm oil field in Bournemouth Bay, offshore Southern England.
Wessex Hydrocarbons Limited (a wholly-owned subsidiary of Wessex), is named as Administrator of the Licence and will hold a 35% working interest; partner NWE Mirrabooka (UK) Pty Limited ("NWE"), a subsidiary of Perth-based, Australian listed company Norwest Energy NL, will hold a 65% working interest.
Subject to completion of Licence documentation, the award will allow Wessex and NWE to explore the Blocks for an initial period of two years, during which existing 3D seismic data will be reprocessed to pre-stack depth migration. At the end of this initial period, the group must either commit to drill a well in the remaining two years of the Licence or relinquish it in full.
In accordance with the AIM Rules - Guidance for Mining and Oil & Gas Companies, the information contained in this announcement has been reviewed and signed off by Dr Malcolm Butler PhD, BSc, CGeol, FGS, a non executive director of Wessex, who has over 40 years' experience as a petroleum geologist. He has compiled, read and approved the technical disclosure in this regulatory announcement. The technical disclosure in this announcement complies with the SPE/WPC standard.
Enquiries:
Wessex Exploration PLC +44 (0)20 7960 0267
Andy Yeo, Chief Financial Officer
Natalia Erikssen, IR and media +44 (0)7809 440929
WH Ireland, Broker & Nomad +44 (0)117 945 3470
John Wakefield (Corporate Finance)
Yellow Jersey PR +44 (0)7799 003220
Kelsey Traynor