whl energy updates seychelles progress

http://www.petroleumafrica.com/en/newsarticle.php?NewsID=12880

WHL Energy Updates Seychelles Progress

Date: Thursday, January 26, 2012
WHL Energy Ltd. updated its activities in the Seychelles where it holds 100% equity in at21,426 sq km tract in the shallow water area off the southern Seychelles coast. The SY10 multi-client 2D seismic survey (MC2D) in the greater Seychelles area was completed in April 2011 and WHL Energy licensed an acquisition totaling 7,966 km of the SY10 MC2D on its blocks. A preliminary processed dataset, which consists of a post stack time migration, was delivered to WHL Energy in June 2011 and a pre-stack time migration (PSTM) product, which is a much more sophisticated processing algorithm, was delivered to WHL Energy in August 2011.

The company has continued interpretation of the PSTM dataset, which so far has added additional leads in the Junon area and in the deep water area in the south east corner of the acreage (Lead Y) and confirmed a substantial Prospects and Leads Inventory in WHL Energy’s acreage. The generation of the Prospects and Leads Inventory was supported by regional geological synthesis studies. The regional geological studies have enhanced WHL Energy’s confidence in the presence of the key geological elements and an active petroleum system for the acreage to be prospective for oil and gas.
The company commissioned Netherland Sewell and Associates, Inc. (NSAI) to provide an independent assessment of gross unrisked prospective resources for certain leads in the company’s Seychelles exploration areas in order to provide external verification of the potential of its exploration opportunities. WHL said that the NSAI report supports its internal assessment of the Seychelles exploration portfolio as an early stage, but nevertheless world class exploration opportunity. The NSAI report estimated a total unrisked Mean Prospective Resource of 3.45 billion barrels for the 21 most highly ranked leads of WHL Energy’s portfolio, which compares with WHL Energy’s unrisked estimate of 4.03 billion barrels for the same leads.
The company is continuing its farm-out campaign and has received substantial interest within the Seychelles, with several global petroleum exploration and production companies visiting the physical data-room in the Perth office during the quarter. WHL closed its data room during Q4 and has commenced commercial discussions with potential partners. Discussions with potential farminees to secure an acceptable farm-out for WHL Energy have continued subsequent to the quarter and the company plans to update the market with the outcome of these discussions when it is in a position to do so.

In addition the company continues to receive unsolicited interest in its Seychelles acreage.