Pelagic Explorations Company today announced that the first stage of the 3D seismic survey one of its offshore leases, Yoad, has been completed. The six Pelagic offshore licenses are west of the Tamar and Leviathan natural gas fields. Within two months, the survey operator, Britain's Petroleum Geo Services Ltd. (OSE: PGS) will give Pelagic a preliminary analysis of the survey. The full analysis will be ready by March 2011.
The 3D seismic survey will cover the eastern part of the licenses' 1,039 square kilometers: the Aditya, Ishai, Lela, Yahav, and Yoad licenses. PGS will carry out the second part of the survey, covering 617 square kilometers, next month.
Pelagic believes that by May 2011, it will have enough data and seismic mapping to decide where to drill the first exploratory well.
Pelagic CEO Prentiss Tomlinson said, "We are very pleased that the first stage of the 3D seismic survey was completed so soon. We intend to develop the licenses in the most professional manner on the basis of experience in this field in the US and other countries. We're eager to continue to the next stage of the seismic survey, which we'll begin next month. We're here for the long haul."
Published by Globes [online], Israel business news - www.globes-online.com - on November 18, 2010
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