Ann: UK Licence Status Update , page-12

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A Bristol-headquartered energy exploration company has decided not to proceed with proposals to drill in Bournemouth Bay in order to focus on other opportunities in the area.

Wessex Exploration announced that it has relinquished Promote Licence P1928 (Bournemouth Bay) rather than waiting for the 1 February 2014 drill-or-drop deadline. It decided there was not enough time to confirm the petroleum prospects and attract a drilling partner.

However, the company added that this move enabled it to reapply for the most prospective parts of area under the 28th round of offshore licensing, which is due to open in February.

The business also revealed that it was considering relinquishing its options on PEDL238 (Christchurch) and PEDL239 (Isle of Wight) early so the areas could be included in the 14th onshore licensing round, expected in the second half of 2014.

Malcolm Butler, chairman of Wessex Exploration, said: "Using the knowledge and database gained from activities on our existing assets to build future value for shareholders is an important part of our strategy.

"These southern England licence areas still have significant potential and we are investigating ways of gaining more time to evaluate them at little additional cost."