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Wessex secures stake near Wytch Farm
Posted 12.06.2012 08:19:06 av John Bradbury
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Wessex Exploration has secured a new exploration licence covering an area close to the giant Wytch farm oil field just off southern England.

Wessex has just signed up to acquire P1928 covering an area off the coasts of Hampshire and the Isle of Wight, and just east of the Wytch Farm oil field, and adjacent to two other onshore licences already held by the company.

Covering a total of 243 square kilometres (602,000 acres), the P1928 licence has been awarded to Wessex on a two-year promote basis which can be extended up to four years with an obligation to drill one exploration well.

“The area covered by the licence contains the very interesting Steelhead and Beluga leads, near the coast and easily accessible to explore with slightly deviated exploratory wells based onshore,” Wessex has declared.

And the company has indicated its belief, based on technical work so far, that the licence could contain oil which has migrated from Wytch Farm: “Technical work done to date ("back-stripping") before the application for the area was filed in the 26th Seaward Round, suggests that a large volume of generated oil previously trapped in the Wytch Farm structure, could have re-migrated a short distance into the area of the Steelhead and Beluga leads,” Wessex indicates.

Company managing director Frederik Dekkey says the company has been studying the area for several years: “....and which we consider has great potential for hydrocarbon accumulations similar to, but smaller than the giant Wytch Farm.”

And he continued: “We fully intend to pursue an aggressive exploration programme on the acreage in a conventional manner, and alive to the fact that much of P1928 sits within areas of outstanding natural beauty.”

Work commitments include the purchase and reprocessing of previous seismic data,  and acquisition of another 70 kilometres of new 2D data. Wessex says this will commence once environmental studies have been done and appropriate permissions obtained.

Wessex has 35% equity and working interest in P1928, and Australian listed Norwest Energy NL is operates the licence with 65%.

Formally owned by BP, Wytch Farm which lies in Studland Bay just off the UK south coast, was bought by Perenco last year for US $610 million. Perenco is already planning to develop the Beacon oil field as an addition to Wytch Farm: Perenco paid BP $55  m for contingent resources in Beacon as part of the payment to BP for the Wytch Farm asset, and first oil from Beacon is due by 2013, subject to oil price fluctuations, Perenco indicated at the time of the deal in May last year.
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