Winstar Resources is reviewing its preliminary geophysical results from its previously announced seismic program undertaken in Southern Tunisia. Under the program, Winstar acquired, at the end of June 2008, slightly more than 400 square kilometres of 3D seismic data over Chouech Essaida and Ech Chouech, which are two of the Company's concessions in Southern Tunisia. The Company's objective in acquiring this relatively large 3D seismic survey was to provide Winstar's exploration team with a geophysical tool which could detail structures which may be drilled for the Silurian Acacus formation, and help in exploiting the shallower Triassic and Devonian formations.
Winstar's raw seismic data is being simultaneously and independently processed at two recognized European data processing centers. The Company believes that dual processing will increase the accuracy and integrity of the final geophysical interpretation. Upon review of the preliminary 3D data, the Company has observed anomalies which may lead to several Silurian Acacus drilling locations. These preliminary observations are subject to corroboration by the final processing and interpretation which is expected to be completed during the first quarter of 2009.
Operators within the Tunisian and Libyan Acacus fairway have reported a high drilling success rate with nearly 30 exploration wells. Initial production tests from 25 reported successes have averaged approximately 4,800 boepd. The initial seismic results are very encouraging, but until final processing is completed there is no certainty that the Company will proceed with Acacus exploration drilling and there are no assurances as to what results may be obtained should wells be drilled.
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