Prominence Energy Ltd. announced the award of two adjacent exploration blocks in the USA Outer Continental Shelf (OCS). Leases OCS-G-37341 and OCS-G-37342, following a period of extensive due diligence. The main prospect in the blocks has been named Big Apple.

PRM has mapped and performed AVO analysis on seismic in the blocks and identified a sizeable gas prospect with an area of between 4,000 to 7,500 acres. The AVO analysis shows two sands with Class III AVO anomalies (a strong indication of a gas-filled sand). Big Apple is a Middle Miocene Corsair delta sand deposited between two salt diapirs.

The sands are bounded by Upper and Lower Miocene shale prone facies which are likely to provide a good seal. The main sand is at a depth of approximately 2,600m (8,500ft) interpreted to be up to 46m thick, and as mapped the gas column in the steeply dipping sand could be up to 850m from crest to structural closure. A secondary sand with a similar Class III AVO anomaly above the main sand is interpreted to be 15-20m thick.

The AVO response implies a porosity of 17-25%. Located in approximately 250ft water depth, the prospect can be drilled using a jack-up rig. PRM intends to purchase the remaining speculative seismic over the prospect and perform detailed mapping work on the prospect and then have the Prospective Resources assessment independently reviewed by a Reserves Auditor.

PRM will consider seeking a farm-in partner to participate in the project on a promoted basis and move to drilling of the project as soon as practical. The AVO (quantitative seismic analysis) performed by PRM indicates a high probability of a gas-filled sand being present and the areal extent and thickness of the prospect as mapped is sizeable.