GB Petroleum Plc (GBP) announces that it has recently concluded several new venture acquisitions in the UK and Morocco.
In the UK, the company has been offered a 24th Round licence covering 3 part blocks in which GBP has a 30-percent working interest. The licence is located in the Southern North Sea and is comprised of Blocks 48/18d, 48/23b and 48/28b (split). The blocks hold several Rotliegendes targets, one next to an existing discovery and two up dip from wells which encountered gas.
Also in the UK, the company recently completed a farmin to two licences (PEDL 89B and P1153) in southern England. The licences comprise several onshore part-blocks – SZ29 and SZ39 and 2 offshore blocks – 98/7b and 98/8a. These adjacent blocks are situated on the south coast of Hampshire on trend with and about 10 km east of the Wytch Farm oil field. Interpretation of the existing seismic data has revealed an interesting prospect straddling the coastline. The future work programme for the licence areas includes additional geological and geophysical studies and field preparations for the possible drilling of a well in 2008.
In late January, the company was awarded three exploration blocks in Morocco. Two of the blocks - Agadir Maritime I and Agadir Maritime II - are Exploration Permits and lie offshore. The third block - Ouest Souss - is an onshore Reconnaissance Licence and lies immediately to the east of the new offshore permits. The combined size of the three blocks exceeds 7,500 sq. km and they are all situated in a prospective area to the north of the undeveloped offshore Cap Juby oil field and south of the onshore producing oil and gas fields of the Essaouira area. All three blocks will initially be evaluated by the reprocessing of existing seismic data, interpretation of all available geophysical and geological data and the undertaking of new technical studies. The future work programme for the offshore permits includes the acquisition of new seismic data and the drilling of one well.
Bob Lambert, Chief Executive of GB Petroleum Plc said “We are delighted to take our first steps in the UK and Morocco as part of our strategy to assemble a diversified portfolio of exploration opportunities in Europe and North Africa.”