4 Dec 2012 12:37
WESSEX EXPLORATION PLC
(AIM: WSX)
Guyane Drilling Programme Statement
Wessex Exploration PLC ("Wessex" or "the Company") announces that the Zaedyus-2 appraisal well (GM-ES-2), has completed drilling operations.
The well is located offshore French Guiana. It encountered a total of 85 metres of reservoir quality sands with oil shows in several objectives but does not appear to have encountered commercial hydrocarbons. It is interpreted as not being in communication with the Zaedyus-1 discovery well, which lies 5 kilometres down-dip. The future drilling of the next three wells of this four well programme will target some of the greater undrilled prospectivity in both the Cingulata fan system that contains the Zaedyus oil discovery and at least one other major fan system in the permit.
Northpet Investments Limited, a company owned 50% by Northern Petroleum plc and 50% by Wessex Exploration plc, holds a 2.5% interest. Shell is Operator and holds a 45% stake, Tullow (27.5%), and Total (25%).
Malcolm Butler, Chairman, stated "This result proves the presence of a seal up-dip from the Zaedyus-1 discovery and has no significant impact on the prospectivity of the down-dip fans. We therefore look forward to the completion of the four well drilling programme: each well will provide more vital information on the reservoirs and accumulations in the highly prospective submarine fan complex of our large offshore permit area in French Guiana."
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 Petroleum, Dr Malcolm Butler 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.
-Ends-
Contacts | |
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 / 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 | dominic@yellowjerseypr.com |
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Notes to Editors:
Guyane
Wessex holds a net 1.25% interest 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.