WHL Energy Acquires Seychelles Oil and Gas Interests

Source: www.gulfoilandgas.com 3/1/2011, Location: Africa

Australian energy company WHL Energy Limited is pleased to announce that it has secured rights to a minimum of 96% of 20,700 square kilometres of highly prospective oil and gas exploration interests in the shallow water area off the southern Seychelles coast via the acquisition of 100% of SEYCO Energy Pty Ltd and its wholly owned subsidiary Petroquest International Inc.

The acquisition of the 35 Seychelles exploration blocks (WHL blocks) is a company changing event which follows the successful completion of an independent technical, legal and taxation review of SEYCO Energy Pty Ltd and its wholly owned subsidiary Petroquest International Inc, the owner of the licenses.

The recently completed independent report by oil and gas consultant Isis Petroleum Consultants Pty Ltd (Isis) has confirmed our strong belief that our Seychelles exploration interests have the potential to hold truly significant hydrocarbon reserves and has added momentum to our discussions with a number of interested potential farm-in partners.

Isis concludes that there is good evidence of a working petroleum system in the area of the WHL blocks as well as noting that the larger structures identified in the WHL blocks have the potential to contain multi trillion cubic feet (Tcf) / multi 100 million barrel (MMbbl) range hydrocarbon accumulations. Furthermore, Isis identified three key play types in WHL Energy's acreage and has validated the presence of some of the key existing leads using the seismic data provided by WHL Energy together with other publicly available data while also delineating new leads which warrant further data acquisition and evaluation.

WHL Energy's Chief Executive Officer, Mr David Rowbottam, said "with the completion of the acquisition, the Company has secured exposure to a dominant and highly prospective acreage position in the Seychelles."

"We have already taken significant strides in advancing the Seychelles project, with the current 2D seismic acquisition program having acquired more than 98 out of 122 sail lines and on target to be completed by mid April." he said.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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