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.
Wessex Exploration says CQS Asset Management and Killik & Co increase stakes
Wessex Exploration (LON:WSX) was notified this week that two of its shareholders have increased their holding in the company.
CQS Asset Management Ltd notified the group that it now holds 45,825,000 voting rights, taking its indirect stake in the voting rights to 6.37 percent. The holding prior to the transaction that breached the 6 percent mark was 30,825,000 voting rights.
CQS notified Wessex on behalf of City Natural Resources High Yield Trust PLC and New City Energy Ltd.
Killik & Co PLC took its stake above 4 percent, after increasing its direct holding – on behalf of various discretionary clients – to 19,836,845 shares from 18,401,845. The resulting stake in Wessex is 4.14 percent.
The exploration group announced last Thursday that it had successfully raised £12 million which will be used to fund its continued participation in the Guyane oil block.
A total of 240 million shares were placed at 5 pence each, expanding the company’s equity base by a third.
The modest 0.3 pence discount to the previous day’s closing share price suggested a great deal of support for the fundraiser.
It also reflected the huge interest in the potentially transformational events off the coast of the tiny South American state.
In September operator Tullow Oil (LON:TLW) revealed the Zaedyus well on the Guyane block had uncovered 72 metres of net pay oil in two turbodite fans.
The discovery effectively proved that Zaedyus is the mirror image of the Jubilee Field on the other side of the Atlantic off the coast of Ghana.
Wessex owns a 1.25 percent stake in the exploration licence held via a joint venture company called Northpet Investments, which is 50 percent owned by Northern Petroleum (LON:NOP).
The other partners are Shell (LON:RDSA), which is taking over operatorship of the Guyane licence, and Total.
On November 9, Tullow confirmed the partners were working on the 2012 exploration programme, which will include 3D seismic and the drilling of two wells.
This is expected to commence in mid-2012 once all necessary approvals have been obtained.
Wessex has described the Zaedyus discovery is a “company-changing event”, adding that it has “every intention of remaining part of the consortium”.
Wessex’s sister company Bluebird Energy (LON:BBE) also participated in the cash call and now holds a stake of around 9 percent.
