Wessex Exploration

Press: Wessex Exploration rose after Total said it had offered to buy Wessex at a price of 10p per share, which would value the company at some... read more

Press: Wessex Exploration rose after Total said it had offered to buy Wessex at a price of 10p per share, which would value the company at some GBP72m. Source - Financial Times

Press: 18.01.12: -0.55, (5.95) Press: Wessex Exploration fell on news that a Tullow Oil-owned oil field in French Guiana, of which Wessex holds... read more

Press: 18.01.12: -0.55, (5.95) Press: Wessex Exploration fell on news that a Tullow Oil-owned oil field in French Guiana, of which Wessex holds an effective 1.25 per cent, had suffered further delays. The Zaedyus exploration well offshore French Guiana went off-contract in November 2011 and follow-up exploration and appraisal is now not expected to commence before mid-2012. Tullow Oil remains optimistic about the field with Killick and Co arguing that the well ?opens up an entire new basin on the other side of the Atlantic to Jubilee in Latin America?. Tullow had ?highlighted that Shell [the new operator] has suggested that future wells are likely to be much swifter and cheaper to drill?, Killick said. ?The group also made the point that, given the high-risk nature of the first well, the partners have secured good terms with the host government.? Source - Financial Times

Press: Northern Petroleum and Wessex Exploration rose following news of a big oil discovery in the waters off French Guiana. The two companies... read more

Press: Northern Petroleum and Wessex Exploration rose following news of a big oil discovery in the waters off French Guiana. The two companies own a 2.5 per cent stake in the Zaedyus well, which is operated by Tullow Oil. Analysts said the discovery of light oil at the well could be worth as much as 30 per cent and 80 per cent of Northern?s and Wessex?s respective market capitalisations.?Whilst it is probably too early to give specific guidance on reserves, pre-drill the group [Tullow] had estimates of 700m barrels recoverable, i.e. this could ultimately prove to be one of the most significant discoveries in the world this year,? said Canaccord Genuity. Source - Financial Times

Press: Wessex Exploration rose on talk of a positive drilling update from the Zaedyus prospect in French Guyane. Wessex holds a small stake in... read more

Press: Wessex Exploration rose on talk of a positive drilling update from the Zaedyus prospect in French Guyane. Wessex holds a small stake in the wider Guyane Maritime Permit project, which is being led by the FTSE 100?s Tullow Oil. Zaedyus is reckoned to be geologically analogous to Tullow?s Jubilee field, located of the coast of Ghana. Drilling results are expected this month. Source - Financial Times