WHAM Announces Survey Of North Sea Prospect
WHAM Energy plc ("WHAM" or "the Company"), the North Sea oil and gas exploration company said that it plans to contract a specialist 3D survey of one of its major prospects in the North Sea.
Together with its joint venture partners in License P1245, Canadian oil and gas group Ithaca Energy Inc., WHAM has contracted Petroleum Geo-Sciences ("PGS") to conduct a detailed 3D seismic survey over the blocks 48/3a and 48/4, located in the Southern North Sea. The survey will commence later this month.
The survey will take approximately one month to complete and will be fully processed by the end of the first quarter of 2007. The survey will infill a data gap and provide the group with state of the art 3D data covering the whole license.
The gross cost is estimated at £3.0 million GBP, of which £1.2 million GBP will be attributable to WHAM.
Tom Windle CEO of WHAM said,
"This is another milestone in the process of exploration of license P1245 in the North Sea. Detailed mapping of the existing 2D and older generation 3D seismic data has revealed a number of gas prospects and leads on these very attractive southern North Sea blocks.
"This state of the art 3D survey will ensure that the best prospects are explored through the drill bit and also provide a way forward for fast track development. This may lead to additional exploration drilling. We are very excited to be able to conduct this highly cost effective survey with PGS. We believe that acquiring this new seismic data will reduce risk and further enhance our inventory of high quality prospects.
"Crucially it will allow us to fast-track any potential developments and thus significantly reduce the cycle time from exploration to production."
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