MedOil Completes Seismic Work at Louza Permit in Tunisia
MedOil plc says that its 3-D seismic survey at its Louza Permit in Tunisia has now been completed within budget.
The 3D seismic survey work program was managed by strategic partner TGS-NOPEC. As a result, the Company has now acquired in excess of 600 sq km of 3-D seismic data over the offshore Tunisian M'Sela oil discovery and four surrounding prospects. This seismic dataset will now be processed, prior to interpretation and integration with the existing data. The processing company is Woking-based GDC and results are expected to be available in January 2007.
Commenting on the survey, David Thomas, Chief Executive Officer of MedOil plc, said: "Initial results from the UK-based seismic processing centre indicate that the data quality is good. The results of the processing of the seismic acquisition will allow MedOil to better define the location for drilling an appraisal well to the existing M'Sela-1 oil discovery as well as drilling locations for the other adjacent structures.
"We have also recently concluded an in-depth geological and geophysical analysis of the permit and, as a result, have internally upgraded the petroleum prospectivity of the southern portion of the permit.
"We are cautiously optimistic that the results of the 3D seismic survey will confirm the upside potential of one of the un-drilled structures adjacent to oil discovery M'Sela-1. This new permit-wide petroleum prospectivity project will be integrated in due course with the interpretation of the recently acquired 3D seismic data."
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