UNX has signed a 3D seismic contract with Polarcus. UNX plans to acquire 1,460 km2 of 3D seismic in the 90%-owned 2713 blocks offshore Namibia.
The 3D seismic program is targeted over a very large feature with multiple identified zones including a sub-shale feature that the Company feels is similar to the Brazilian sub-salt discoveries in the Santos and Campos basins. The program is primarily located in the southern portion of Block 2713A, adjacent to the 2813 contract area in which UNX also holds a 40% interest. The program is expected to commence shooting in March 2011. The seismic program will be funded from monies raised in July and November of 2010.
"We are very pleased to be acquiring 3D seismic data for Block 2713A as it will give us full coverage over a structure that appears to be much larger than first mapped due to our re-processing and conversion from time to depth of the existing 2D seismic data," said Mr. Gabriel Ollivier, President and CEO of UNX Energy. "The new 3D seismic data will enhance the details of the structure and the prospective zones identified, allowing us to further refine ideal drilling locations. We are currently working towards updating existing resource estimates and providing additional independent resource estimates on all of our Namibian blocks. The key focus of our 2011 work program is finalizing drill-ready locations for major oil companies that are interested in farming-in on UNX acreage. This seismic program greatly exceeds UNX's required work commitments for the 2713 Petroleum License at approximately three times the minimum required work commitment of 500 km2."
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