WHL begins Seychelles farm-out

JETT RINK: WHL Energy has commenced a formal farm-out process on its large Seychelles Oil and Gas project.

The company said it had been pleased so far by the significant amount of interest that has been shown for its Seychelles Oil and Gas project by a number of multinational oil and gas majors.

WHL Energy has established a virtual data room that has allowed companies to access data covering past exploration and studies by previous operators as well as new studies carried out by WHL Energy.

The company has also put in place a physical data room with its ongoing interpretation of the preliminary seismic at its new West Perth office, which has played host to a number of major international oil and gas companies.

Companies that have executed a confidentiality agreement with the company are now viewing the WHL Energy preliminary interpretation of the new seismic acquired over 2010 – 2011.

The company has engaged Miro Advisors to assist with overall coordination of parties as they participate in the farm-out process over the coming months.
Miro Advisors will also be providing commercial assistance to WHL Energy as farm-out negotiations continue.

Ongoing seismic interpretation is currently being carried out by WHL Energy’s technical team, with analysis confirming high quality seismic data.

“There are multiple prospects and leads being mapped over WHL Energy’s Seychelles acreage,” WHL Energy said in an announcement to the Australian Securities Exchange.

“This work is nearing completion, with volumetric analysis expected this month.

“The company is pleased to advise that previous guidance with respect to expected unrisked mean prospective resources remains valid, with several multi-hundred million barrel targets.

“As previously noted the Beau Vallon area contains a number of prospects of material volume.”

Once WHL Energy has finalised the volumetric interpretation the company said it expects it to be the subject of a detailed release towards the end of September 2011.