Wessex Exploration, the oil and gas group chaired by ex Nighthawk Energy (LON:HAWK) boss David Bramhill, began trading on the Alternative Investment Market this morning. The company has moved its trading venue from PLUS Markets where last week it raised £3 million in a placing of 100m shares.
Wessex is a hydrocarbon exploration company with its principal projects in offshore Guyane (formerly French Guiana) and Southern England. Although at an early stage in development the management team believes the assets offer potential upside for investors as the company’s work programmes progress. Wessex has further projects in Juan de Nova (Mozambique Channel) and Western Sahara (Saharawi Arab Democratic Republic).
Earlier this month, the company reported that drilling operations were under way on the Zaedyus prospect, with well GM-ES-1 in the Guyane Maritime Permit. Tullow Oil (LON:TLW) , the 27.5% holder and operator, believes the well has the potential to open up a major new oil province in French Guiana with a significant number of further prospects and leads identified. Tullow has stated that the Zaedyus prospect has an estimated P10 prospective resource of 700 million barrels and is geologically analogous to its Jubilee field, located of the coast of Ghana. Wessex and Northern Petroleum (LON:NOP) each hold a net 1.25% beneficial interest via their holding in Northpet Investments. Last November, Wessex raised £1.875 million on PLUS to fund its contribution to the drilling work. Shell Eamp;P France and Total Eamp;P Guyane Franciase are the other main holders in the licence with 45% and 25% stakes respectively.
The GM-ES-1 well lies offshore Guyane approximately 50km from the boundary with Brazil. The ENSCO 8503 rig will drill the well, GM-ES-1 to a total depth of approximately 6,500 metres subsea, with the well targeting one of several prospects in major undrilled Late Cretaceous deep water channel fan systems identified from the extensive 3-D seismic survey acquired during 2009/2010.
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