The joint venture now looks forward to the commencement of the approximate 1,500 square kilometer BHP Billiton-operated Falcon airborne gravity gradiometry survey scheduled for start-up in the middle of March.
Gippsland Offshore Petroleum will earn a 60% equity in the Lamu Basin L-6 block by spending US$1.9 million on this geophysical program. Gippsland Offshore is the operator for the joint venture.
L-6 is a coastal block with approximately 30% of the area being onshore. The Falcon technology is key to linking the geology from the onshore to the offshore and helping to unlock the basin's structural setting of the basin.
Interpretation of the new seismic and Falcon data will be completed by August 2007 in preparation for moving into the drilling phase of the program.
Pancontinental's Chief Executive Officer, Andrew Svalbe, said:
"With the completion of both the Gippsland operated seismic survey in L-6 and Origin operated seismic in L-8 and L-9, 5,000 kms of new high quality seismic data have been acquired this year in the 3 blocks at no cost to the company. This new detail and regional infill 2-D seismic data is aimed at high grading potential 2008 and 2009 drilling targets, and in conjunction with the forthcoming Falcon gravity data greatly improve the understanding of the petroleum habitat within the onshore, nearshore and offshore areas of these 3 large blocks."
Participants in the L-6 Joint Venture are:
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