Wessex Exploration plc : Sourthern England Update
06/11/2012| 04:00am US/Eastern
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Further to the previous announcement in January 2012, Wessex
Exploration PLC ("Wessex" or "the Company") is pleased to
announce the signature of licence P1928, effective from 1
February 2012. The licence lies offshore the Hampshire and
Isle of Wight coasts, between the Company's existing onshore
licences PEDL's 238 and 239, and just east of the giant Wytch
Farm oil field. The licence is a "Promote licence" valid for
a period of two years, and can be extended into a full
traditional licence with a total duration of four years with
the commitment to drill an exploratory well. Total area of
the licence is 243.6 square kilometres (approximately 602,000
acres).
The area covered by the licence contains the very interesting
Steelhead and Beluga leads, near the coast and easily
accessible to explore with slightly deviated exploratory
wells based onshore. In addition, there are several small
fault block leads in line with and off the eastern end of
Wytch Farm oil field.
The initial work commitment of the licence consists of the
purchase and reprocessing of some existing legacy seismic
data, and acquisition of 70 kilometres of new 2D seismic
data. This seismic work will be started as soon as the
relevant environmental studies have been done and appropriate
official permissions have been obtained.
Technical work done to date ("back-stripping") before the
application for the area was filed in the 26th Seaward Round,
suggests that a large volume of generated oil previously
trapped in the Wytch Farm structure, could have re-migrated a
short distance into the area of the Steelhead and Beluga
leads.
Wessex has 35% equity and working interest in P1928, and a
subsidiary of Australian stock exchange listed Norwest Energy
NL is the operator of the licence with 65% equity and working
interest.
Frederik E. Dekker, Managing Director, commented:
"P1928 is an area we have studied for several years and which
we consider has great potential for
hydrocarbon accumulations similar to, but smaller than the
giant Wytch Farm. We fully intend to pursue an aggressive
exploration programme on the acreage in a conventional
manner, and alive to the fact that much of P1928 sits within
areas of outstanding natural beauty."
This announcement has been approved by Frederik Dekker, BSc.
(Geology), MA (Geology) FGS, who is a registered professional
geologist with the American Association of Petroleum
Geologist (AAPG). Mr Dekker is the Managing Director of
Wessex and has over 40 years of experience in the oil
industry.
Contacts
Wessex Exploration PLC www.wessexexploration.com
Frederik Dekker - Managing Director +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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