WHL Energy Completes Acquisition of Seychelles Oil and Gas Interests
Tuesday, March 01, 2011
• WHL has completed the acquisition of large, highly prospective offshore Seychelles exploration interests
• Discussions continuing with potential farm-in partners
• Current Seychelles seismic program 71% complete
Australian energy company WHL Energy Limited announces that it has secured rights to a minimum of 96% of 20,700 square kilometres of highly prospective oil and gas exploration interests in the shallow water area off the southern Seychelles coast via the acquisition of 100% of SEYCO Energy Pty Ltd and its wholly owned subsidiary Petroquest International Inc.
The acquisition of the 35 Seychelles exploration blocks ('WHL blocks') is a company changing event which follows the successful completion of an independent technical, legal and taxation review of SEYCO Energy Pty Ltd and its wholly owned subsidiary Petroquest International Inc, the owner of the licenses.
The recently completed independent report by oil and gas consultant Isis Petroleum Consultants Pty Ltd ('Isis') has confirmed our strong belief that our Seychelles exploration interests have the potential to hold truly significant hydrocarbon reserves and has added momentum to our discussions with a number of interested potential farm-in partners.
Isis concludes that there is good evidence of a working petroleum system in the area of the WHL blocks as well as noting that the larger structures identified in the WHL blocks have the potential to contain multi trillion cubic feet (Tcf) / multi 100 million barrel (MMbbl) range hydrocarbon accumulations. Furthermore, Isis identified three key play types in WHL Energy's acreage and has validated the presence of some of the key existing leads using the seismic data provided by WHL Energy together with other publicly available data while also delineating new leads which warrant further data acquisition and evaluation.
WHL Energy's Chief Executive Officer, Mr David Rowbottam, said:
'with the completion of the acquisition, the Company has secured exposure to a dominant and highly prospective acreage position in the Seychelles.'
'We have already taken significant strides in advancing the Seychelles project, with the current 2D seismic acquisition program having acquired more than 98 out of 122 sail lines and on target to be completed by mid April.' he said
• Discussions continuing with potential farm-in partners
• Current Seychelles seismic program 71% complete
Australian energy company WHL Energy Limited announces that it has secured rights to a minimum of 96% of 20,700 square kilometres of highly prospective oil and gas exploration interests in the shallow water area off the southern Seychelles coast via the acquisition of 100% of SEYCO Energy Pty Ltd and its wholly owned subsidiary Petroquest International Inc.
The acquisition of the 35 Seychelles exploration blocks ('WHL blocks') is a company changing event which follows the successful completion of an independent technical, legal and taxation review of SEYCO Energy Pty Ltd and its wholly owned subsidiary Petroquest International Inc, the owner of the licenses.
The recently completed independent report by oil and gas consultant Isis Petroleum Consultants Pty Ltd ('Isis') has confirmed our strong belief that our Seychelles exploration interests have the potential to hold truly significant hydrocarbon reserves and has added momentum to our discussions with a number of interested potential farm-in partners.
Isis concludes that there is good evidence of a working petroleum system in the area of the WHL blocks as well as noting that the larger structures identified in the WHL blocks have the potential to contain multi trillion cubic feet (Tcf) / multi 100 million barrel (MMbbl) range hydrocarbon accumulations. Furthermore, Isis identified three key play types in WHL Energy's acreage and has validated the presence of some of the key existing leads using the seismic data provided by WHL Energy together with other publicly available data while also delineating new leads which warrant further data acquisition and evaluation.
WHL Energy's Chief Executive Officer, Mr David Rowbottam, said:
'with the completion of the acquisition, the Company has secured exposure to a dominant and highly prospective acreage position in the Seychelles.'
'We have already taken significant strides in advancing the Seychelles project, with the current 2D seismic acquisition program having acquired more than 98 out of 122 sail lines and on target to be completed by mid April.' he said
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31 comments:
One could wonder why is Pp not publishing those information ,we have a right to information and clarity of what Pp is signing in our names.
Jeanne DArc
Because they don't want you to know.
DG
Michel has literally sold Seychelles.
Any crumbs left to buy desks for school children?
We will have to confiscate and deport all of them once Pp is ousted,their deals are illegal.
Jeanne DArc
If any of you knew anything about oil exploration and its costs you would also know that it is common practice even in countries with proven vast oil reserves to sell off accerage due to the costs involved. Just to drill one hole to see if their is potential costs 100's of million dolars. Is this something Seychelles can afford especially that it has no guarantee of return. If Seychelles were to put $350 Million in to oil exoploration and came up empty handed you would be the first to complain and crticise it. It is only fair that the company risking the miions is allowed to buy the accerage and benefit from any potential find. If unsuccesful they will withdraw and area will be returned to the country. Buying accerage for oil exploration does not also mean that they own the territorial water where the drilling is taking place. It cannot stop fisherman from fishing in the area as long as they are not endangering themselves What is important to question is knowing what % of any income generated from oil revenue is seychelles entitled to. Only then can you claim whether it is a good deal or not.
We have 2,5 billions in Swiss bank just bring it back Pp and we will pay for our debts and for oil exploration stop doing like other
African countries giving away all their resources for peanuts.
Sesel pou Seselwa
Jeanne DArc
Jeanne d'arc,
Like I said little do you know about oil exploration. Even the mightiest of oil producing nations sell off acreage due to high costs and risks involved in exploration. Does it not make more sense that you make money without spending money than pouring 2.5 billion in to a hole that may not even have oil potential.Selling oil acreage is not sale of patrimony like MSR lead us to beleive. It is being economically wise
Oh, better pray to offshore oil is not found here!
Frizer
I googled and checked out the company (WHL)..saw an auditor's report.. which qualified it as a"non going "concern.. the company has accumulated $25.million plus since its inception in 2007..was originally formed as a "green company" for the purpose of expanding in 'renewable energy..but sold its assets for cash so although itys masthead is abunch of wind turbines..it is no longer in the "green "business.
Its shares originally valued at one australian cent each is now valued at 3 cents each// penny stocks? ponzi scheme?
Seems very strange even though it is listed on the Austarlian stock exchnage..wort delving further into..
The CEO is a man?retired poultry
man? was in the poultry business.. no experience in Oil exploration..
CHristopher look into it more if you can..
I meant the company has accumulated $25 million in losses since its inception, and sold assets for cash..
Yes i am not an oil expert but this does not deprive me from having an opinion.Selling of acreage is not the problem,the problem is the fact that we do not know what pp is signing ,selling in our names and under what conditions acreage is being sell for.Will it be profitable to the country or it will be for a handful of peanuts or will just be for the sake of saying we have oil but gain nothing from it like we see on the mainland of Africa?
We would also need a system of checks to ensure that the people wealth would not be purlioned by a handful of crooks like had been the case under Mubarak in Egypt,Gadafi in Lybia etc.
Sesel pou Seselwa!
Jeanne DArc
Any way this 2.5billion were stolen by PP peolples.Seychellios were not going this money.And this 2.5 was ones desapear in our coffer.
To invest this money in this hole want the big deal for you?This was stolen money no SEychellios will care about this 2.5 beacause till now no cares and some not even know about it.
Sesel pou Seselwa.
Johnny
Reply to SMART on Oil -
Yes it is common to sell acreage to pay for research, but not to sell 97% of all acreage quadrants at one sale. That is criminal.
We will strive to uncover the fraud in selling the quadrants. That will render the transaction null and void.
Already we see undercapitalized companies taking shares and interests in our quadrants.
SESEL POU SESELWA!
^Pp operates like we see on the main land,you give a handful of peanuts than you can have all the rest.Such practices have brought African countries deeper in provety and that becuase their government were not and able to negociate and protzect their resources as they should have.Todaywe see for eaxmple Nanimbia with gold,diament filed with a population of only over a milion citizen still in porvety though all the resources.Why becuase of bad deals and corruption.They are allow other countries without resources to exploit them ,make all the profits while the they fall deeper in poverty.That not the way to proceed and country natural resources must profit the owner more than those who do not process them.
Sesl pou Seselwa¨
Jeanne D'Arc
96% of our interest sold to a penny stock company formed in 2007, and CEO is a Poultry farm magnate.
One comment says, its good to sell all your interests.
This is begining to sound like a parade of horribles the PL are running.
SESEL POU SESELWA!
In regards tgo gthe oik funny how one month we are selling ourselves as UNESCO and environment friendly and nextwe for oil..what happened with the environment relationship, Michel?
That is how communists operate,what they say is one thing,what they do is another thing.Pp told us that our environemnt is our treasure but then Michel and his cohort turn back and illegally allowed Khalifa and other foreigners to destroyed our environment and the same thing when it comes to construction and planning laws .Foreigners are illegally building on coastal front and beaches though it is clearly stipulated by law that they cannot ,why is that going on?Becuase Pp has allowed them to do so.There was even a recent case where MAIA hotel management went as far as to unilaterally and illegally decided to blocked access to Seychellois of their public beaches under the pretext that there were some Arab VIPs in the hotel and did not want to be disturbed.Well i think we are in our homes and do not want to see us then they should stay at their home. Furthermore since when is a private company like MAiA hotel has a right to decide who can or not get access to Seychellois public beaches and who gave them the rights to act above our constitution.
Jeanne D'Arc
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