Onshore UK-focused Wessex Exploration reported Thursday that it plans to reapply for the most prospective parts of the area under the Promote Licence P1928 (Bournemouth Bay) under the 28th Round of Offshore Licensing, which is expected to open in February.
The firm and its partners already held the P1928 license but decided to relinquish it at the turn of the year rather than waiting for the February 1 drill-or-drop deadline. Although the group has acquired new 2D seismic data and reprocessed a large volume of existing 2D and 3D seismic data, Wessex said there was insufficient time to prove up the prospects and bring in a drilling partner.
Wessex Chairman Malcolm Butler commented in a company statement:
"Using the knowledge and database gained from activities on our existing assets to build future value for shareholders is an important part of our strategy. These Southern England license areas still have significant potential and we are investigating ways of gaining more time to evaluate them at little additional cost."
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