The survey is the first stage in a two-year exploration program designed to identify prospects at the Permian and Carboniferous levels. The survey will commence in June 2006 and it is anticipated that the block will be fully mapped by October 2006.
The prospect area, Block 47/12, lies off the coast adjacent to the Humber estuary between the onshore Saltfleetby gas field and the offshore Amethyst gas field. The block was identified by WHAM in the 21st license round held in 2003 as being prospective. WHAM Energy acquired a 90% equity interest in block 47/12 in October 2005 from GTO with a commitment to undertake a 2D seismic survey and drill one well in the event of identifying a prospective target.
Tom Windle Chief Executive Office said,
"With the macro-current backdrop of uncertainty in the long-term supply of UK gas supplies and given the team's experience, we remain focused on delivering the potential from our prospects in the North Sea. To date, we have acquired four part blocks of which three were awarded to WHAM at 100% equity interest in the 23rd License Round.
"Looking forward, the prospects for the Company are encouraging. We have recently achieved the status of offshore operatorship, which is a very significant milestone in our growth. WHAM is also currently in the process of finalising maps on high graded areas in our portfolio and, as anticipated has identified several attractive drillable prospects and a number of very interesting additional leads. With our exciting list of prospects and our team's proven track record and experience, we remain confident that we will deliver significant shareholder value for our investors."
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