Large Oil Firms Interested in Wessex’s Mozambique Channel Permit

Large Oil Firms Interested in Wessex's Juan de Nova Est Permit

Wessex Exploration PLC announces that following the purchase of approximately 1,000 kilometres of 2-D seismic data shot by TGS-Nopec in 2006 offshore Madagascar, Wessex has completed the reprocessing of the dataset, with particular emphasis on the shallow water area, which will allow a more accurate subsurface interpretation to be made.

The Company is currently negotiating terms for the re-interpretation of the data which once complete is likely to be followed up by a detailed 2-D seismic survey, or perhaps a more-focused 3-D survey, later this year, in preparation for the delineation of a drillable prospect later in 2013.

This activity is in addition to the ongoing farm in negotiations which continue apace.

Over recent months, Wessex has seen a significant increase in industry interest in the Juan de Nova Est permit, in the Mozambique Channel, northwest off the island of Madagascar, triggered by the ongoing very large deep water gas discoveries offshore Mozambique, across the Mozambique Channel. As a result, several large Oil & Gas companies have signed confidentiality agreements with Wessex and are evaluating the data, including the newly-reprocessed seismic data.

Wessex owns a 70 per cent. interest in Juan de Nova Est comprising 9,100 square kilometres.

Offshore Energy Today Staff, May 31, 2012