Park Place Energy Corp. is pleased to announce that Offshore Hydrocarbon Mapping PLC, the EM specialist contractor, has notified the Corporation that they have completed the 1D sensitivity testing and have compiled the finalized technical analysis on the previously announced Electromagnetic survey data collected on the North Sea Brighty Prospect.
The conclusion is consistent with the shallower resistor and in their opinion it is worthwhile to further advance the Brighty Prospect.
Based on OHM's favorable interpretation of the subject data, Park Place Energy has entered into discussions with a number of major producers who are established operators in the area with the intent of securing a joint venture partner that can operate the drilling of a Test Well on the defined anomaly on the Brighty Prospect.
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 Inc. holds a significant position in the Buzzard Field. In addition to Petro-Canada, an independent energy corporation, Endeavour International Corporation is also very active in the area surrounding the Brighty Prospect.
Park Place Energy's primary activity is in oil and gas exploration in the North Sea, as well as the development and production of its Canadian assets.
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