Palau Pacific Exploration (PPX) reports that Fugro Airborne Surveys has concluded the airborne acquisition of aeromagnetic data within the designated one million acre North Block concession situated offshore of the State of Kayangel in the Republic of Palau. The purpose of the aeromagnetic survey is to map basement rock and lithology. The data will be processed, interpreted and tied into the existing seismic data with a comprehensive approach to modeling and quantifying depths to potential target horizons. In addition, an accurate map of the basement surface as well as the possible sedimentary package over the concession area will be created. This work will result in further refinement of the drilling locations in conjunction with existing geologic, geophysical, and geochemical work done to date for the anticipated drilling program.
PPX has a strong relationship with Fugro, a leading service provider in the collection and interpretation of geotechnical data who employs over 14,000 people in 275 offices in 50 countries. PPX has entered into a Master Services Agreement with Fugro GeoConsulting Inc. of Houston, Texas, who is providing a variety of services, including geotechnical support for the project. Additionally, PPX has secured the Fugro Synergy, a state-of-the-art dynamically positioning ship to drill exploration wells.
PPX invites investors to participate in a private placement to raise euro 30 million to fund the anticipated drilling program. For further information contact Anglo Securities Limited regarding participation.
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