Proactiveinvestors recommends
Additional Information
Market: AIM
Sector: Energy
EPIC: WSX
Latest Price: 7.63p  (0,00%)
52-week High: 10.13p
52-week Low: 2.20p
Market Cap: 55.04M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
Wessex Exploration
www.wessexexploration.com

Wessex Exploration plc (Wessex) was formed to explore the Wessex and Weald Basins of southern England at a time when the prolific Sherwood Sandstone reservoir had just been discovered in the giant Wytch Farm oil field and smaller oil and gas discoveries were being made in the Weald Basin. Wessex completed a regional geological study of these basins and concluded that the complexity of the stratigraphy, structure and geological history of the basins required a careful, disciplined and highly technical approach to hydrocarbon exploration and that additional significant hydrocarbon potential remained in place.

Full Wessex Exploration profile here
Is WSX a Buy, Sell or Hold?Get your FREE analysis of WSX
Pdf

Wessex Exploration signs assurance agreement over Imlili block

31st Oct 2011, 7:26 am by Jamie Ashcroft The agreement with the Saharawi Arab Democratic Republic (SADR) relates to the Imlili block, which spans a 16,965 square kilometre offshore area.

Wessex Exploration (LON:WSX) told investors that it has signed an assurance agreement relating to its joint venture with Tower Resources (LON:TRP) in Western Sahara.

The agreement with the Saharawi Arab Democratic Republic (SADR) gives the partners acess to the Imlili block, which spans a 16,965 square kilometre offshore area.

“The award of the Imlili Block gives Wessex and Tower control over a broad swathe of prospective acreage in Western Sahara, encompassing the entire continental margin from the outcrop in the east to the deep water in the west,” the company said.

The Imlili block has been the subject of limited exploration in the past. In the 1960s a number of exploration wells had oil shows in reservoir quality sandstones, Wessex explained.

According to the company, the current geologic data available suggests the presence of all of the components necessary for a working petroleum system.

The SADR is a democratically elected government of the territory, which is recognised by the United Nations as a non-self governing territory, currently occupied by Morocco.

At the moment only limited exploration activity will be possible until the political situation surrounding Western Sahara is resolved, Wessex said. 

So the company plans to evaluate the prospectivity of this acreage using legacy seismic and exploratory well data, which it company already owns.  

Wessex will pay a nominal annual administrative fee to the SADR to retain the Imlili block until the sovereignty of the territory has been settled.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.