OHM has notified the Corporation with regards to the quality and coverage of the survey as follows, "A significant anomaly has been identified and it shows a strong signature in the middle of the survey line."
The initial technical data collected by OHM at sea will continue to be analyzed and interpreted over the next few weeks to continue to process the initial data collected into a finalized technical analysis.
The Brighty Group has formally asked the UK authorities for an extension of the evaluation/promote phase of its license (currently to December 22, 2007) in order to complete its studies and to confirm that it is in a position to proceed to the next phase, which will entail the drilling of a well.
Park Place Energy is currently in discussions with certain major producers in the area with respect to possible joint venture partnerships. These discussions will be advanced as soon as the Corporation receives positive receipt of the finalized technical analysis.
OHM is the world's leading provider of Controlled Source Electromagnetic Imaging services, including surveying, data processing, and data interpretation services to the offshore oil industry. CSEMI has been used for over 20 years by researchers to examine hydrothermal and volcanic systems on mid-ocean ridges.
OHM and their team of leading scientists have refined and developed the CSEMI technique and transformed it into a potent tool for optimizing hydrocarbon exploration and production. Originally formed in 2002 as a spinout from the UK's prestigious National Oceanography Centre with venture capital funding, OHM has completed surveys spanning four continents.
The Brighty Prospect has similar characteristics to the Buzzard Field that is one of the largest fields to be discovered in the North Sea in the past quarter century. It is anticipated that the Buzzard Field should hit peak production of roughly 200,000 BOE per day later this year and have over a billion barrels of oil in place. Petro-Canada holds a significant position in the Buzzard Field. In addition to Petro-Canada, an independent energy corporation, Endeavour International is also very active in the area surrounding the Brighty Prospect.
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