Wessex Exploration PLC is pleased to announce that following the purchase of approximately 1,000 kilometres of 2-D seismic data shot by TGS-Nopec in 2006, Wessex has completed the reprocessing of the dataset, with particular emphasis on the shallow water area, which will allow a more accurate subsurface interpretation to be made.
The Company is currently negotiating terms for the re-interpretation of the data which once complete is likely to be followed up by a detailed 2-D seismic survey, or perhaps a more-focused 3-D survey, later this year, in preparation for the delineation of a drillable prospect later in 2013. This activity is in addition to the ongoing farm in negotiations which continue apace.
Over recent months, Wessex has seen a significant increase in industry interest in the Juan de Nova Est permit triggered by the ongoing very large deep water gas discoveries offshore Mozambique, across the Mozambique Channel. As a result, several large Oil & Gas companies have signed confidentiality agreements with Wessex and are evaluating the data, including the newly-reprocessed seismic data.
Wessex owns a 70 percent interest in Juan de Nova Est comprising 9,100 square kilometres in the Northern Morondava Basin in the Mozambique Channel, north-west of Madagascar.