UNX Energy Corp. , has signed a 3D seismic contract with Polarcus Limited for offshore Namibia

abarrelfullabarrelfull wrote on 26 Jan 2011 06:31
Tags: africa namibia offshore services tse unx

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UNX Energy Corp. (TSX-V: UNX) ("UNX" or "the Company"), an emerging oil and gas company with interests offshore Namibia, has signed a 3D seismic contract with Polarcus Limited (OAX: PLCS). UNX plans to acquire 1,460 km2 of 3D seismic in the 90%-owned 2713 blocks in offshore Namibia.

The 3D seismic program is targeted over a very large feature with multiple identified zones including a sub-shale feature that the Company feels is similar to the Brazilian sub-salt discoveries in the Santos and Campos basins. The program is primarily located in the southern portion of Block 2713A, adjacent to the 2813 contract area in which UNX also holds a 40% interest. The program is expected to commence shooting in March 2011. The seismic program will be funded from monies raised in July and November of 2010.

"We are very pleased to be acquiring 3D seismic data for Block 2713A as it will give us full coverage over a structure that appears to be much larger than first mapped due to our re-processing and conversion from time to depth of the existing 2D seismic data," said Mr. Gabriel Ollivier, President and CEO of UNX Energy. "The new 3D seismic data will enhance the details of the structure and the prospective zones identified, allowing us to further refine ideal drilling locations. We are currently working towards updating existing resource estimates and providing additional independent resource estimates on all of our Namibian blocks. The key focus of our 2011 work program is finalizing drill-ready locations for major oil companies that are interested in farming-in on UNX acreage. This seismic program greatly exceeds UNX's required work commitments for the 2713 Petroleum Licence at approximately three times the minimum required work commitment of 500 km2."

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 kilometres (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.

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