During 2011, 2,202 Line-Km of 2D seismic data were acquired over SC72 in order to further define additional leads already identified, and 565 Km2 of 3D seismic data were acquired over the Sampaguita Gas Field in SC72.
The interpretation of these surveys has now been carried out by Weatherford. Their report has given the directors a better understanding of the Sampaguita Gas Field and identified a prospect in the North Bank which is located to the north of Sampaguita within SC72. In addition, the report has identified a number of potential drilling locations.
The net attributable amounts represent the Company’s 70% interest in the estimated resources.
These pre-drill estimates of resources are based on certain assumptions and the information and interpretations currently available. There can be no assurances that these assumptions or estimates will prove to be accurate as future technical evaluations and results, including drilling results, could lead to variations or differ materially from those included in the report.
Robin Nicholson, the Company’s Chairman, commented:
"The Weatherford Report shows an improvement in the resources previously known and supports the case to proceed with the drilling programme. We will continue discussions with our major shareholders, our joint venture partner and our advisors to determine how the SC72 drilling programme, which we anticipate will cost a total of US$75 million, will be funded.”
The technical information in this announcement in relation to the Weatherford report on SC72 has been reviewed by Ola Kr. Fjeld and Jan Gunnar Opsal, both of Weatherford Petroleum Consulting, who have consented to the inclusion of this technical information in this announcement in the form and context in which it appears. The information is provided in accordance with Society of Petroleum Engineers guidelines.
Mr Fjeld is a manager in Weatherford’s Petroleum Consulting division, has an MSc Geology, and has 30 years of experience in consulting on seismic acquisitions, interpretation, processing and software development.
Mr Opsal is a senior geophysicist in Weatherford’s Petroleum Consulting division, and has 15 years of experience in prospecting for oil & gas as a geophysicist, and has worked extensively with both 2D and 3D interpretation for mature areas as well as frontier areas.
