GGS Extends West Florida Multi Client Survey

GGS has decided to extend its West Florida Escarpment Multi Client Survey known as "Big Wave". Phase 1 of this survey which totals 10,000 km of 2D seismic data is almost complete. This will be immediately be followed by Phase 2 which is a further 7,500 km.

The decision to extend the survey by adding a second phase has been stimulated by the growing level of oil company interest. This increased interest and excitement has been generated by a combination of early results from the data processing coupled with the belief that this region of the Gulf of Mexico could well be available for licensing in the near future.

The data which extends the length of the Florida escarpment, demonstrates classic "hydrocarbon trap" structures which suggest the possible existence of considerable oil and gas reserves. This confirms previous statements made by the MMS (Minerals Management Service) whereby they have made claims about reserves estimates in the offshore west of Florida.

The results from Phase 1 should be available in May/June 2006 and from Phase 2 in September/October 2006. It is hoped that the availability of this data will coincide with announcements regarding the licensing of the West Florida Escarpment.