Wessex Exploration PLC (Wessex or the Company) announced that following the purchase of approximately 621 miles (1,000 kilometers) of 2-D seismic data shot by TGS-Nopec in 2006, 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 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 percent. interest in Juan de Nova Est comprising 3,514 square miles (9,100 square kilometers) in the Northern Morondava Basin in the Mozambique Channel, north-west of Madagascar.
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