Afren to conduct first 3D seismic programme in the Seychelles

Afren, the energy firm focused on Africa and the Middle East, reported that its wholly-owned subsidiary, Afren East African Exploration (EAX), has begun a major 3D seismic programme in the Seychelles, the first 3D survey to be conducted in the country.

By MoneyWeek

published 12 December 2012

in Features

Under the programme, two surveys will be carried out on the group's licence areas, which are located in shallow to deep water in the Northern half of the Seychelles Plateau.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

It is estimated that together they gross unrisked prospective resoures for the two areas total 2,800m barrels of oil equivalent.

EAX operates the blocks with a 75% interest and is partnered with Avana Petroleum which holds a 25% interest.

Galib Virani, Director of Afren EAX, said: "The commencement of this 3D seismic programme on Area A is not only a first for the Seychelles but is also a major step toward proving the commercial viability of the country's considerable oil and gas resource potential.

"We look forward to a long and mutually beneficial partnership with the government and people of Seychelles as we work to expand the data that has been collected to date. The 3D programme is an important component to reducing the risk and maximising the chances of exploration drilling success and forms an exciting part of Afren EAX's broader high impact exploration programme across the East Africa region."

The share price dipped 0.76% to 130.40p in early trading.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.