Lochard Seeks Farm-In Partners at Thunderball Prospect
Lochard announced that, following extensive seismic re-mapping and interpretation it has opened a data room for the purpose of attracting potential farm in partners for the Thunderball prospect on UK North Sea block 14/26b. Lochard's 100% owned subsidiary Zeus Petroleum Ltd ("Zeus") has a 90% interest in this block.
Zeus has remapped this prospect after purchasing new seismic data which has been recently acquired by TGS. This new seismic shows a marked improvement in data quality. The original discovery well drilled in the 1990s by Arco, flow tested 34 MMscf gas per day but was thought at the time to be uncommercial. Zeus initially mapped this prospect on old seismic data and attributed most likely recoverable prospective resources of 318 BCF of gas. The new interpretation undertaken by the Company has identified most likely recoverable prospective resources of 620 BCF of gas in the Scapa sands (c.50% on block) and most likely recoverable prospective resources of 74mmbbl of oil in the Buzzard sand member (c.90 % on block).
Haydn Gardner, Chief Executive Officer of Lochard said, "We are excited by the increased size of the Thunderball gas prospect and the oil exploration potential which lies directly beneath it. Both targets can be drilled by the same well with a total depth of 7000ft. Zeus would like to drill this well during 2012 and is actively seeking a farm in partner to offset drilling costs. To date there has been high levels of interest in the Thunderball prospect with numerous parties already having signed confidentiality agreements to review the data room information. We look forward to updating shareholders on progress in due course."