PetroSeychelles to Study WHL's Amended Proposal for its Seychelles Assets

Australia's WHL Energy Limited reported that following recent successful meetings in the Seychelles between company executives and senior Government and PetroSeychelles officials, it has received confirmation from the Seychelles petroleum industry regulator PetroSeychelles that WHL Energy’s proposed amendments to the Amended and Restated Petroleum Agreement for its assets in Seychelles will be submitted for consideration by the PetroSeychelles Board in early October.

The proposed extension to the work program commitments, include an extension to recently agreed amendments for a proposed 3D seismic acquisition program.

“The meetings held between the Company with PetroSeychelles and the Seychelles Government and collectively continues to work together to achieve timely exploration drilling in the Seychelles, supported by the appropriate  technical work,” reported WHL Energy Executive Director, David Rowbottam.

“Following the successful meetings in the Seychelles we have renewed our farmout campaign of the Seychelles and are currently in discussions with potential farminees” said Rowbottam.

The Company’s flagship project is its 6,697 square miles (17,345 square kilometers) exploration area offshore Seychelles, owned 100 percent by WHL Energy. A highly material exploration portfolio and new exploration concepts are being matured in the acreage based on new seismic data and an exploration drilling program.

In-depth work by WHL Energy has to date identified an initial inventory containing ten, approximately 200 million barrel plus potential targets, which is being expanded to quantify the potential in emerging concept areas.

Further work to develop the leads and targets may include 3D seismic acquisition and geological studies. Most structures identified to date are in less than 164 feet (50 meters) water with targets at less than 6,561 feet (2000 meters), allowing for conventional drilling with a jackup.


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