UNX commits to further seismic off Namibia

UNX Energy has contracted Polarcus for a 3D seismic survey over its 2713 area blocks offshore Namibia.

Offshore staff

CALGARY, Canada-- UNX Energy has contracted Polarcus for a 3D seismic survey over its 2713 area blocks offshore Namibia.

The company plans to acquire a total of 1,460 sq km (563 sq mi) of 3D data, adding that the program will target a very large feature with multiple zones, including a sub-shale feature that UNX believes is similar to the Brazilian sub-salt discoveries in the Santos and Campos basins.

Much of the program will be located in the southern portion of block 2713A, adjacent to the 2813 contract area where UNX also holds a 40% interest. Acquisition should start in March.

"We are very pleased to be acquiring 3D seismic data for block 2713A as it will give us full coverage over a structure that appears to be much larger than first mapped due to our re-processing and conversion from time to depth of the existing 2D seismic data," said Gabriel Ollivier, president and CEO of UNX Energy.

"The new 3D seismic data will enhance the details of the structure and the prospective zones identified, allowing us to further refine ideal drilling locations. We are currently working towards updating existing resource estimates and providing additional independent resource estimates on all of our Namibian blocks.

“The key focus of our 2011 work program is finalizing drill-ready locations for major oil companies that are interested in farming-in on UNX acreage. This seismic program greatly exceeds UNX's required work commitments for the 2713 Petroleum Licence at approximately three times the minimum required work commitment of 500 sq km [193 sq mi]."

01/26/2011

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