Wessex Exploration, the Bristol-based hydrocarbon prospecting company, has won licenses to investigate five exploration blocks in the English Channel off the coast of southern England. The awards by the Department of the Environment and Climate Change will give Wessex and partner NWE Mirrabooka two years to make geological and geophysical studies at the end of which there will be an option to drill or drop their commitment.
The blocks lie to the east and southeast of the shore-based giant Wytch Farm oil field. The acreage is believed to contain at least six different structural leads with a geological chance of success of these leads ranging from 15% to 32%. Wessex already holds 50% and 25% stakes in two southern England exploration blocks.
Wessex managing director Frederik Dekker said: "We have every intention with the support of our partner NWE Mirrabooka to bring at least one of the leads to a drillable status as soon as possible."
Last month Wessex raised £12m in a placing to fund its participation in a multi-billion dollar oil find, known as the Zaedyus discovery, off the coast of Guyane (French Guiana) in South America. The company – which also has interests in projects in the Mozambique Channel and Western Sahara – has a 1.25% working interest in the Guyane Maritime Exclusive Exploration Licence.
Its shares were up 3% or 0.15p this morning at 5.15p.
