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.

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.

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.

The first of the surveys will cover 600km in the southern region of the licence, while the second will be in the northern section and will cover an area of 2,750 km.

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.

NR

Recommended

Britain’s ten most-hated shares – w/e 9 August
Stocks and shares

Britain’s ten most-hated shares – w/e 9 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
10 Aug 2022
Aviva: One for income investors to tuck away
Share tips

Aviva: One for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
10 Aug 2022
Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022
Britain’s most-bought shares w/e 5 August
Stocks and shares

Britain’s most-bought shares w/e 5 August

A look at Britain’s most-bought shares as of 5 August, providing an insight into how investors are thinking and where opportunities may lie.
9 Aug 2022

Most Popular

Are UK house prices finally heading for a crash?
House prices

Are UK house prices finally heading for a crash?

The latest house price figures show a fall of 0.1% in July. With interest rates rising, inflation hitting double figures and a recession on the cards,…
5 Aug 2022
Brace yourself for the return of rationing
Economy

Brace yourself for the return of rationing

Russia is turning off the cheap energy. That is already leading to belt-tightening, says Matthew Lynn. Who will suffer most, and which sectors will th…
5 Aug 2022
Fear of missing out – what should investors do now?
Investment strategy

Fear of missing out – what should investors do now?

Markets have rallied from their mid-June lows. But if you missed out, as most investors did, what should you do now? Max King explains.
8 Aug 2022