Polo Resources Limited announces Signet Petroleum operations update
Tuesday, Dec 11, 2012
Polo Resources Limited (AIM, TSX: POL), (“Polo” or the “Company”) the natural resources investment company with interests in gold, oil and gas, coal and iron ore, today has received an operational update on Signet Petroleum Limited (“Signet”) activities up to 30 November 2012.
“Working effectively in highly prospective areas, Signet Petroleum is a valuable part of Polo Resources’ portfolio. We look forward to further updates on its progress.”
Namibia - Block 2914B
During 2012, Signet’s focus for its Namibian acreage has been the acquisition, processing and interpretation of approximately 5,000 km of 2D seismic over Signet’s Block 2914B, offshore Namibia. The 2D seismic was acquired as part of a 7,000 km multi-client 2D program operated by Spectrum ASA and Seabird Exploration Norway AS using the seismic vessel the Northern Explorer. The program was shot during the first half of 2012 with an average spacing of approximately 10 km. Whilst the interpretation of the seismic continues, initial interpretation by Signet has identified a potentially major structure (“Prospect A”) which will now be the focus of intensive study and evaluation by Signet.
The initial interpretation by Signet suggests that Prospect A may be a significant four way dip closure located approximately 90 km to the West-South-West of the nearby Kudu gas field operated by Tullow Oil plc in approximately 2,000 m water depth. Whilst this interpretation is at an early stage, initial estimates calculated by the management of Signet suggest that the structure has an area of approximately 30km by 25km.
The initial interpretation suggests that cretaceous sands are analogous to the upper gas zone in the Kudu gas field, with additional potential in the deeper horizons.
The next steps will be to dedicate further technical resources to the interpretation of the 2D data set and to conclude Signet’s interpretation of Prospect A in particular. Following the completion of this work, Signet intends to commission an independent resources report from an international engineering firm in the first quarter of 2013.
Further evaluation and de-risking of Prospect A and others identified in the block will involve the acquisition of 3D seismic and exploration drilling for which Signet intends either to raise equity finance or seek a farm in partner.
Signet holds a 75 per cent. stake in, and is operator of, Block 2917B under a Petroleum Agreement signed with the Government of the Republic of Namibia.
Sierra Leone - Block SL-7A-10
In the third quarter of 2012, Signet was selected by the Petroleum Directorate of Sierra Leone as one of two winning bidders for Block SL-7A-10 offshore Sierra Leone following the 2012 bid round.
Following negotiations with the other winning bidder, Minexco Petroleum (“Minexco”), Signet was awarded a 10 per cent. participating interest in the block. Minexco has agreed to carry Signet for its share of the signature bonus and exploration program up to and including the first exploration well.
Tanzania – Mnazi Bay North
In June 2012, Signet completed a 100 square kilometre 3D seismic survey over the Mnazi Bay North Block, offshore Tanzania. Initial interpretation of the 3D seismic is consistent with Signet’s opinion that there is a substantial up dip extension of the BG/Ophir Chaza 1 gas discovery drilled near the boundary line between the BG/Ophir and Signet blocks.
Signet has commissioned an independent technical and commercial evaluation by UK engineering consultancy Challenge Energy, which will be followed by a formal sales process for the divestment of the block in Q1 2013.
Burundi – Block C and Lake Tanganyika Democratic Republic of Congo
Refurbishment of the Tanganyika Explorer in partnership with Surestream Petroleum continues as do preparations for the acquisition of proprietary 2D seismic in Burundi and the 10,000 km multi-client seismic program on the Democratic Republic of Congo, western side of the Lake. Signet expects the vessel to commence acquisition in April 2013. Signet is also discussing partnership and marketing models with major international seismic companies. In November, 2012, Signet launched the marketing of the multi-client project at the Africa Oil Week conference in Cape Town.
Source: Business Wire
To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today