Wessex Exploration Plc

Wessex Exploration Plc (AIM: WSX) has retained Envoi Ltd. to sell a portion of its Juan de Nova Est License on the eastern part of the French territory Juan de Nova Island, offshore Mozambique.

Wessex is seeking a partner to buy an equity stake in the license by paying a portion of back costs and funding the acquisition of new seismic data with an option to earn a majority share of its 70% equity in return for its share of an exploration well. The equity to be earned is negotiable, as is operatorship.

London-based Wessex has recently reprocessed and interpreted newly-acquired seismic data over a 9,100 square kilometer area, in which it has a 70% ownership. The area is located off a small atoll in the Mozambique Channel between Mozambique and Madagascar.

Three prospective plays have been identified in the play. The recently reprocessed seismic data from the JNE License has shows highly potential structure not previously visible on the original data, including a paleo channel systems believed to be of similar Cretaceous age to the recent large discoveries to the north and western sid of the Mozambique Channel.

Looking forward, Wessex will likely need some new three-dimensional seismic data and a subsequent exploration well.
Wessex is an upstream oil and gas company with projects in offshore Guyane and southern England.