Wessex Exploration News

London-listed explorer Wessex Exploration has signed a heads of agreement to acquire Hague & London Oil (Halo) which holds a prospective asset in the Philippines. Consideration for the acquisition will be satisfied by the issue to the vendors of 241m ordinary shares in the company, about 25% of the enlarged capital. On completion, the Heads of Agreement calls for HALO to hold US$1 million in cash.

As part of the Tullow-operated joint venture, Shell today confirms an oil discovery in the Guyane Maritime permit approximately 150-kilometers offshore French Guiana. The GM-ES-1 well is being drilled in a water depth of over 2,000 meters and to date has drilled to a depth of 5,711 meters. The well has encountered over 70-meters of net oil pay in two objectives. The joint venture plans to drill ahead to the planned target depth. “We are pleased with the preliminary results of this first ever deepwater well offshore French Guiana,” said Dave Lawrence, Shell's executive vice president Exploration and Commercial. “We are early in the evaluation, but the initial results are encouraging for this new play.