Seychelles: Fugro, SEYPEC and Geomahakarsa Sign an Agreement for Acquisition of Geophysical Data

Seychelles (SEYPEC), Fugro and Geomahakarsa have this morning signed a Cooperation Agreement for the acquisition, processing, interpretation and license of geoscientific data within the Seychelles EEZ on a multi client basis.

Under this Agreement, Fugro Data Services AG, a company incorporated under the laws of Switzerland and Geomahakarsa, a company incorporated under the laws of Hong Kong, will together acquire over 17,000km of 2D seismic, gravity and magnetic data within the Seychelles EEZ.

Fugro and GL are geophysical services companies to the international petroleum industry which undertake projects for the acquisition, processing, imaging and interpretation of seismic data.

SEYPEC has determined the Project will improve geophysical data and geological understanding to promote interest in hydrocarbon exploration in the Republic of Seychelles.

All the data acquired will be made available for license to oil and gas companies who are keen to explore for hydrocarbons in the EEZ of the Seychelles.

The data acquisition is expected to take place during the last quarter of 2010. The data is estimated to be available for license around the middle of 2011.

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Source: Seychelles Petroleum Co., September 8, 2010;