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18 Jul 2011 07:00
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18th July 2011
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Jubilant Energy N.V.
("Jubilant" or "the Company")
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Jubilant completes the first season of seismic acquisition in Northern Manipur Block (AA-ONN-2009/2) in North Eastern India
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Jubilant is pleased to announce that it has completed the pilot acquisition of 16 lkms of seismic data in the Northern Manipur Block. This survey has been acquired, before start of the rains, as part of the first season of seismic survey. The recording of the survey commenced on 22nd June 2011 and was completed on 30th June 2011.
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This survey has been carried out to gain information on logistics and geophysical parameters in a geographically challenging area, in advance of the main seismic survey of 586 lkms in both of the blocks (Northern Block 154 lkms and Southern Block 432 lkms), which is planned to be acquired in the next dry season post October 2011. The total minimum work programme commitment is for 1000 lkms for both the blocks, to be completed by November 2014.
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Jubilant is the operator and holds 100% participating interest in the two Manipur Blocks. These blocks were awarded to the Company under NELP-VIII round and Petroleum Exploration Licenses ("PEL") for the same were signed on 15th November 2010.
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Ajay Khandelwal, CEO of the Company commented:
"The acquisition of the first season of seismic survey in Manipur demonstrates Jubilant's capability and commitment to work in a geographically challenging area. It is even more heartening to say that this is the fastest progress and delivery demonstrated by us amongst other onshore blocks awarded by the Government of India under the NELP-VIII round in 2010. The Manipur Blocks continue to be among Jubilant's key assets, having potential to provide significant upside in future."
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For further information, please contact:
Jubilant Energy | Ajay Khandelwal, Vipul Agarwal | +91 120 402 5700 |
Evolution Securities | Matthew Tyler, Romil Patel | +44 20 7071 4300 |
Renaissance Capital | Hasnen Varawalla, Ed Johnson | +44 20 7367 7777 |
College Hill | Nick Elwes, Simon Whitehead | +44 20 7457 2020 |
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Competent Person's consent for Release-
Maxwell Birley, BSc in Geological Geophysics, the Company's Chief Operating Officer, has 30 years of international experience in the exploration and production industry. He has reviewed and approved the technical information contained in this announcement pursuant to the AIM guidance note for mining and oil and gas companies.
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