In recent months SCS and others have located numerous potential stratigraphic traps in its West African seismic data. In the last month, the preliminary analysis of part of the 2003 seismic, using PrimeView(TM) caused our geo-experts to re-process and further analyze the 1974 seismic data associated with the only well ever drilled in the entire area back in 1978. SCS management has reported that the support for natural gas that was logged as present in the 1978 well is believed to be of greater significance as a result of its new in-depth analysis.
Robert Bearnth, the Company's Vice President of Geology, explained the following: "It is now clear to us that there were significant natural gas shows with increasing gas pressure as the 1978 well was drilled deeper. The well log, as reviewed by our team, revealed increasing gas hydrocarbons influxing the well as it was drilled deeper. We noted interesting circumstances that supported our belief that the gas migrated out of the zone during drilling operations. The variance of mud pressures resulted in a loss of circulation." Bearnth further explained, "Back in 1978, it is known that the seismic technology could not identify the effects of hydrocarbon bearing strata nor define stratigraphic traps. Today we can see both clearly, especially with PrimeView(TM). As a result of our most recent analyses, we now know, with reasonable certainty, that the well was indeed, mislocated. We also believe we know where, the gas they encountered in the 1978 well, is now located."
It is important to note that, back in 1978, the economics did not support consideration for offshore natural gas production in Africa. Thus, SCS geo-experts believe they were looking for oil, and the gas was simply ignored.
Neil Moore, President for SCS, stated, "Based on our most recent work the SCS exploration staff is now reprocessing and extracting 'Seismic Attributes'. We have uncovered numerous 'Gas Charged Chimneys' that supports the stratigraphic migration of the 1978 well gas to where it is today. With what we have learned, re-analyzing the 1974 data and 1978 well logs, we feel we now have additional options to pinpoint shallow drilling prospects without the requirement for a time consuming and costly 3D shoot and with a high probability of success."
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