UNX ENERGY SIGNS 3D SEISMIC CONTRACT WITH PETROLEUM GEO-SERVICES

abarrelfull wrote on 19 Jan 2011 12:17
Tags: namibia tsx unx-energy upstream

Latest News

• Want a weekly review of refining news?

• This Week in Refining
• RSS Feed

UNX Energy Corp. (TSX-V: UNX) ("UNX"), an emerging oil and gas company with offshore interests in the Republic of Namibia, has signed a 3D seismic contract with Petroleum Geo-Services (OAX: PGS). UNX plans to acquire approximately 1,125 km2 of 3D seismic on the 90%-owned Exploration Licence 2815, consisting of Blocks 2815, 2816 and 2916, offshore Namibia. The program will target various features on the blocks, and is expected to commence in mid-February, 2011. The seismic program will be funded from proceeds raised in July and November of 2010.

"The addition of this high-quality 3D seismic data to our existing scientific information will provide further clarity on the size and extent of the resources on our licences in offshore Namibia," said Mr. Gabriel Ollivier, President and CEO of UNX Energy. "The 3D seismic data will enhance scientific detail and add to our growing inventory of drilling prospects. As part of our 2011 work program, the various seismic surveys that will be conducted on our blocks will focus on select areas of our acreage, updating existing resource estimates and providing additional independent resource estimates on the blocks. The seismic will also contribute to a data room and inventory of drill-ready locations for companies interested in farm-in opportunities. At approximately two times the minimum required work commitment of 550 km2, this 3D seismic program exceeds UNX's required work commitments for the Exploration Licence."

About UNX Energy Corp.

UNX Energy Corp. is a junior, independent oil and gas company, focused on exploration for crude oil in offshore Namibia, Africa. Headquartered in Calgary, Alberta, Canada, UNX's asset base consists of approximately 51,000 square kilometers (approximately 32,000 net) of offshore acreage, strategically located along the prolific South Atlantic Margin. Development of these highly prospective blocks is being advanced by an experienced management team, qualified technical staff and strong in-country relationships. UNX employs strategic technical expertise to optimize the probability of exploration success in the region. UNX is committed to conducting its business in a socially and environmentally responsible manner, ultimately working towards the goal of sustainable development in Namibia's oil and gas sector for the benefit of all stakeholders.

• UNX ENERGY SIGNS 3D SEISMIC CONTRACT WITH PETROLEUM GEO-SERVICES

---