Ann: UK Licence Status Update , page-11

Wessex Exploration, a hydrocarbon exploration company, said after detailed talks with the Department of Energy & Climate Change, the partners decided to relinquish Promote Licence P1928 (Bournemouth Bay) at the turn of the year rather than waiting for the February 1 drill-or-drop deadline.

Although the group has acquired new 2-D seismic data and reprocessed a large volume of existing 2-D and 3-D seismic data, there was insufficient time to prove up the prospects and bring in a drilling partner.

The purpose of the early relinquishment was therefore to enable the group to re-apply for the most prospective parts of the area under the 28th Round of Offshore Licensing, which is expected to open in February 2014.

If the application is successful, the group will have a further two-year period to complete its evaluation, confirm drilling plans and thereafter attract a farm in partner.

Elsewhere, the board is considering its options on PEDL238 (Christchurch) and PEDL239 (Isle of Wight), each of which expires on 1 July 2014.

One option may be early relinquishment to enable the areas to be included in the 14th Onshore Licensing Round, which is expected to take place in the second half of 2014. At 8:15am: [LON:WSX] Wessex Exploration share price was -0.04p at 0.33p - See more at: http://www.stockmarketwire.com/article/4736309/Wessex-Exploration-update-on-south-England-interests.html#sthash.QmCev6UT.dpuf