Posted by: APO | 10 May 2012

Oil / East Africa / Mozambique Channel / Completion of 2-D seismic data acquisition in Juan de Nova and Belo Profond assets


Oil / East Africa / Mozambique Channel / Completion of 2-D seismic data acquisition in Juan de Nova and Belo Profond assets

South Atlantic Petroleum (SAPETRO) announce the successful conclusion of the seismic data acquisition program in Mozambique channel

MAPUTO, Mozambique, May 10, 2012/African Press Organization (APO)/ South Atlantic Petroleum (SAPETRO) (http://www.sapetro.com) is pleased to announce the successful conclusion of the 12,256 km 2-D seismic data acquisition program in its two Mozambique Channel assets – Juan de Nova and Belo Profond. Individual volumes are 8,868 km and 3,388 km in Juan de Nova and Belo Profond respectively.

Logo: http://www.photos.apo-opa.com/plog-content/images/apo/logos/sapetro.jpg

The Juan de Nova permit in the TAAF (Terres Australes et Antarctiques Françaises) area is 52,990 km2 and contains a substantial portion of a new deep water exploration province adjacent to ENI and Anadarko’s recent discoveries in the Rovuma Basin exploration province offshore East Africa. The Belo Profond permit in Madagascar, which covers an area of 13,770 km2 is adjacent to the Juan de Nova permit and extends the plays to the south along the Davie Fracture Zone. Both areas are in water depths of 1800m to 3,200m. Modern seismic data indicate that the blocks contain substantial thicknesses of favourably structured Tertiary and Mesozoic sedimentary packages throughout the acreage resting on a large submerged continental crustal block. The entire area is effectively a ‘paleo-transform margin’ active from 170 to 90 MYA. Satellite remote sensing studies have indicated areas of potential hydrocarbon seepage which have been sampled for geochemical analysis as part of SAPETRO’s aggressive exploration program.

The survey was completed using PGS’s GeoStreamerTM fully ghost-free technology. This unique technology combines PGS’s GeoStreamerTM dual-sensor streamer with its new source technology, GeoSource™. GeoStreamer GSTM data is of the highest quality being ultra-rich in both high and low frequencies and free of both source and receiver ghosts and as such promises to significantly improve SAPETRO’s exploration success ratio, well targeting and recovery efficiency by improving prospect evaluation, reservoir delineation and characterization. This SAPETRO seismic survey is the largest yet conducted in the world employing PGS’s GeoStreamerTM technology.

SAPETRO also used the opportunity of the seismic mobilization to conduct geochemical sampling using Gore Technology’s C5-C35 surface slick sampling system to sample the actual seeps in the region. More than 40 samples were collected for analysis. SAPETRO believes the combination of state-of-the-art broadband seismic data and geochemical analysis will establish unequivocal evidence of active petroleum systems in our Mozambique Channel acreage.

In spite of some poor weather including several cyclones passing through the area, the survey was concluded in an efficient manner by capitalising on the deep towing configuration of the GeoStreamerTM.

Commenting on the transaction, SAPETRO’s Chief Executive Officer Martin Trachsel stated:

“This is a major achievement for SAPETRO but we are only at the beginning of the journey. The next stage will see PGS utilize their unique wavefield separation which will enhance the final interpretation of the data. Within the next 12 months we expect to have a portfolio of seismically and geochemically supported prospects for 3-D detailing and drilling in one of the world’s major emerging hydrocarbon provinces.”

Distributed by the African Press Organization on behalf of South Atlantic Petroleum (SAPETRO).

For further information please contact:

Uzoma Echegiri

General Manager, Commercial

Tel: +2348033091652

Email: uzoma.echegiri@sapetro.com

Or visit our website: http://www.sapetro.com

South Atlantic Petroleum (SAPETRO) (http://www.sapetro.com) is a Nigerian based upstream oil and gas exploration and production company with portfolio of 5 assets in 4 countries spanning the full cycle E&P value chain. With production and exploration in deep offshore Nigeria, SAPETRO’s other interests are in Benin, the French Territory in the Mozambique Channel (TAAF) and Madagascar.

South Atlantic Petroleum RC N°284117

http://www.sapetro.com

SOURCE

South Atlantic Petroleum (SAPETRO)


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