Wham: Southern North Sea Prospects Now Evaluated
WHAM Energy PLC said that the independent petroleum consultants TRACS International Consultancy Limited have completed an evaluation of eight prospects on WHAM's 22nd and 23rd Round licenses in the UK southern North Sea through a Competent Persons Report (the "Report"). The licenses subject to the Report were awarded in 2004 and 2005, but the prospects were not sufficiently well defined for independent evaluation at the time of WHAM's AIM admission.
The TRACS report contains geo-technical, commercial and probabilistic evaluations of the 8 prospects, and is designed to allow industry and investors a better understanding of WHAM's exploration portfolio. TRACS estimates the prospects with positive expected monetary values (EMVs) to contain prospective unrisked natural gas resources of 422 BCF gross, 193 BCF net. An expected monetary valuation (EMV) of these prospects is provided in the report.
TRACS was not asked to update the report on blocks 48/3a & 48/4 that contain the Morpheus prospect and other leads which were covered in the WHAM Energy AIM admission document's competent person's report in 2005. The blocks are currently being re-interpreted following the acquisition of a 3-D seismic survey in 2006 and are the subject of farmout negotiations.
Commenting on the Report, WHAM Energy's CEO Tom Windle said:
"This work marks the conclusion of period of intensive and detailed evaluation conducted by our exploration team that has now received an independent assessment by TRACS, one of the UK's leading geoscience consultants and highlights the implied value potential of WHAM's acreage more visibly. The report provides a timely update of our progress and our challenge now is to drill these prospects so as to add value for our shareholders and enhance the UK's indigenous gas supplies."
This announcement has been reviewed by TRACS. TRACS International Consultancy Limited is an independent consultancy specializing in petroleum reservoir evaluation and economic analysis. The Report was managed and signed off by Mark Graham, a TRACS director. Mr. Graham, a petroleum engineer, has 28 years experience and co-founded TRACS in 1992 since when the company has conducted valuations for many energy companies and financial institutions.
The full TRACS International report has been posted and can be downloaded from
WHAM's website at www.whamenergy.com.
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