13 Nov 2013 07:00
Embargoed for release: 13 November 2013 at 07.00
Wessex Exploration PLC
("Wessex")
French Guiana GM-ES-5 Well Completion
Wessex Exploration PLC (AIM:WSX) announces that GM-ES-5, the final well of the 2012 -2013 four well exploration programme in the Guyane Maritime Permit (offshore French Guiana) has been drilled to a total depth of 6,460 metres and the well will now be plugged and abandoned. Reservoir evaluation work has been conducted and the reservoir sequences were encountered as expected but with no evidence of hydrocarbons.
The Joint Venture will now integrate the data from all five wells with the 3D seismic to determine future exploration plans on this licence, which covers 24,100 square kilometres. Once the drill ship, the Stena ICEMax, has completed the abandonment operations it will move to a location outside French Guiana and be off contract from the Joint Venture.
Wessex currently owns an effective 1.2 per cent equity interest in the Guyane Maritime Permit through its 48% holding in Northpet Investments Limited ("Northpet"), a joint venture with Northern Petroleum Plc. Northpet holds a 2.5 per cent equity interest in the Guyane Maritime Permit with partners Shell, (Operator) holding 45 per cent, Tullow Oil holding 27.5 per cent and Total holding 25 per cent.
Malcolm Butler, Chairman, commented:
"With the completion of this well, the partnership will now concentrate on the integration of the data gathered over the last two years in French Guiana. This will help Wessex to establish the value of the licence to the Company and determine the best route forward to realise that value."
In accordance with AIM Rules - Guidance for Mining and Oil & Gas Companies, the information contained in this announcement has been reviewed and signed off by the Chairman of Wessex, Dr Malcolm Butler BSc PhD CGeol FGS, 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.
For further information please contact:
Wessex Exploration PLC | www.wessexexploration.com |
Andy Yeo, Chief Financial Officer | +44 (0) 1225 428139 |
WH Ireland Limited | www.wh-ireland.co.uk |
John Wakefield (Corporate Finance) | +44 (0) 117 945 3470 |
Sebastian Wykeham (Institutional Sales) | +44 (0) 207 220 1691 |
Yellow Jersey PR | +44 (0) 776 853 7739 |
Dominic Barretto | dominic@yellowjerseypr.com |
Notes to Editors on WSX:
Guyane
Wessex holds a net interest of around 1.2% in the Exclusive Exploration Licence (EEL) covering an approximate 24,100 sq.km offshore area of Guyane (a French prefecture previously known as French Guiana). The EEL interest is held via a 50/50 joint venture between Wessex and Northern Petroleum Plc, using Northpet Investments Limited as the holding company with a total interest of 2.5%. The other partners in Guyane are Shell (45% and operator), Tullow (27.5%) and Total (25%).
Juan de Nova
Wessex holds a 70% interest in the Juan de Nova Est Permit, covering 9,010 sq. km in water depths ranging from 200m to 3,000m, to the east of Juan de Nova Island in the Mozambique Channel. Wessex has been designated as operator, subject to the approval of the French authorities. Global Petroleum Limited (AIM: GBP, ASX: GBP) has a 30% interest.
Southern United Kingdom
Wessex holds three licences in southern United Kingdom - PEDL 238: 50%; PEDL 239: 25%; P1928: 35% - alongside its partner and operator, NWE Mirrabooka (UK) Pty. Ltd (a fully owned subsidiary of ASX listed Norwest Energy NL).
Saharawi Arab Democratic Republic (SADR, Western Sahara)
Wessex holds three blocks - Bojador (39,983 sq.km), Guelta (15,760 sq.km) and Imlili (16,955 sq.km) - under Assurance Agreements which cause Production Sharing Contracts to come into effect once the SADR government is able to take control of the territory. Wessex is the designated operator and holds a 50% interest; Tower Resources (AIM: TRP) has the other 50% interest