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Wessex Provides Update on South of England Strategy

Source: www.gulfoilandgas.com 4/4/2014, Location: Europe

Wessex Exploration PLC, the hydrocarbon exploration company, is pleased to provide the following update on its strategy in the South of England.

The Norwest-operated joint venture group (NWE Mirrabooka UK Pty Ltd and Wessex) holding UK onshore licences PEDL 238 (Christchurch) and PEDL 239 (Isle of Wight) has agreed after discussion with the Department of Energy & Climate Change to an early relinquishment of these licences. In the same way that offshore Promote Licence P1928 was relinquished early at the turn of the year in order for it to be included in the current 28th Seaward Licensing Round, the PEDL 238 and PEDL 239 licence areas can now be included in the 14th Landward Licensing Round which is expected to be held in the second half of 2014 and in which the joint venture group intends to participate.

The joint venture group has acquired a considerable volume of new technical information across the area of these three relinquished licences, including onshore and offshore seismic acquisition, extensive seismic reprocessing, Full Tensor Gravity Gradiometry and geochemical analysis. Analysis of these data over the past year has given the group unparalleled insight into both conventional and unconventional plays in the region. This will allow the group to focus its re-applications around the most prospective parts of each of these areas, which are located on the northern flank of the English Channel Basin, on trend with the prolific Wytch Farm oilfield.

Our review of the original Beluga, Steelhead and Razorback prospects indicated that the closures were poorly defined by the existing seismic grid, a conclusion borne out by lack of success in our considerable farm-out efforts. More work needs to be done before a drillable location can be defined on one or more of these prospects. However, Wessex was instrumental in setting up a new regional study group with other licence holders along the Purbeck-Isle of Wight Trend in 2013 and our recent studies have identified new onshore and offshore leads with both conventional and unconventional potential.

In accordance with the AIM Rules - Guidance for Mining and Oil & Gas Companies, the information contained in this announcement has been reviewed and signed off by the Chairman of Wessex, Dr Malcolm Butler PhD, BSc, CGeol, FGS who has over 40 years' experience as a petroleum geologist. He has compiled, read and approved the technical disclosure in this regulatory announcement. The technical disclosure in this announcement complies with the SPE/WPC standard.

Malcolm Butler, Chairman of Wessex said
"Our current strategy in the UK has been to ensure that prospective areas we have identified are available for licencing by our group in 2014. The extensive studies we have carried out should give us a significant advantage in our forthcoming applications. If successful, we will have the time to carry out the additional work necessary to define drillable locations on our existing prospects and new leads."

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