MedOil Launches Lonza Survey
The Directors of MedOil plc, the oil and gas exploration company geographically focused on southern Europe and North Africa, are pleased to announce that the 3-D seismic survey at its Louza Permit in Tunisia has now commenced.
The 3D seismic survey work program is being managed by strategic partner TGS-NOPEC ("TGS"), the international seismic acquisition and processing company. On MedOil's behalf, TGS will conduct a 600 sq. km. 3D seismic survey to accurately map the oil volume potential of the M'Sela -1 'Abiod Formation' oil discovery. The survey will also cover four other separate exploration prospects in the area, and a potentially large stratigraphic trap in the 'Isis Formation' which tested oil in the discovery well and was the producing strata in the nearby Isis oil field.
The program is designed to add confidence to the technical analysis of the defined prospects; determine the location of a near-term appraisal drilling program around the oil discovery; and examine the upside potential of the M'Sela stratigraphic oil trap.
The seismic vessel carrying out the survey is owned by Norwegian-based Scan Geophysical Co. The vessel, called Scan Resolution, was recently upgraded at the Szczecin shipyard in Poland. As long as weather conditions remain fair, it will acquire 20 square kilometers per day of data and the survey will take 4-6 weeks to complete.
Regarding activities in Malta, MedOil remains in negotiations with the Maltese authorities for a one year extension period to the original Exploration Study Area (ESA) agreement.
Commenting on today's update, MedOil's Chief Executive Officer, David Thomas,
said: "We are delighted that the seismic survey has commenced. The acquisition
of the 3D technical data should provide some important results for MedOil, and
we look forward to updating the market in the coming months. Meanwhile, the
Company continues to pursue high impact exploration targets in the Mediterranean
- TGS Expects E&P Spend to Dip by up to 10% in 2017 (Oct 28)
- Schlumberger, TGS Begin 300-Block Gulf of Mexico Data Acquisition Program (Aug 04)
- PGS: Improving Sentiment in Offshore Seismic Market (Jul 21)
Company: MedOil more info
- MedOil Reaches TD Offshore Tunisia (Apr 19)
- Cairn: Increasing Asset Portfolio through Acquisitions (Sep 07)
- MedOil: Early Louza Findings Promising (Apr 19)
Company: SCAN Geophysical ASA more info
- SCAN Kicks Off 3D Seismic Operations in South America (Jun 18)
- Gold Oil Concludes 2D Seismic on Peruvian Offshore Block Z34 (May 22)
- Gold Oil Taps SCAN for Seismic Acquisition Offshore Peru (Apr 20)