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WHL Engages CGG for La Bella Seismic Survey in Otway Basin

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Australian oil and gas exploration firm WHL Energy Limited (WHL Energy or the Company) announced Tuesday that it has signed a contract with CGG Services SA for the acquisition of the La Bella 3D seismic survey off Victoria, Australia. The survey will utilize CGGs’ Viking II vessel to acquire data with state-of-the-art Broadseis broad band seismic acquisition technology.

The survey will commence in mid-November and take approximately one month. An initial processed data volume is expected to be available in mid-February 2014, with the final processed volume targeted for completion in May 2014. The survey area is located approximately 21.75 miles (35 kilometers) off the coast of Port Campbell in the Otway Basin, offshore Victoria.

WHL Energy will operate the survey on behalf of the VIC/P67 Joint Venture which consists of WHL Energy 40 percent and AWE 60 percent. AWE will fund 75 percent the costs of the acquisition and processing for the 3D seismic survey up to a cost of $12m ($9m being AWE’s share) to earn 60 percent equity, after which each Joint Venture partner will pay its equity share. Tap Oil will pay for 20 percent of the cost of the La Bella 3D seismic survey, up to a total of $2.95m to have the option to acquire 10 percent equity in Vic/P67.

Managing Director David Rowbottam said: “WHL Energy is pleased to have finalized the contracting of a seismic vessel for the La Bella 3D seismic survey and look forward to receiving the data. The data from the 3D survey will assist with confirmation and definition of the La Bella gas and condensate resource and progress the development planning and commercialization of the resource.”

“The survey will also further define several exploration targets in the La Bella area that will be considered for drilling in early 2015. The acquisition of this seismic survey is an important milestone in the La Bella project timeline as the Company and Joint Venture continues to work towards bringing the project to commercial fruition.”

The 306.2 foot (93.35 meter) long Viking II is a state-of-the-art, multi-streamer, multi-source specialist 3D seismic acquisition vessel equipped with advanced integrated geophysical and navigation data acquisition systems, on-board data processing and full quality assurance capabilities.

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