Processing of Transkei 2D seismic complete

A regional 2D seismic survey acquired in 2014 by PGS using Geostreamer technology has now been processed to final PSTM stack.

Interpretation of the 5570km dataset has commenced and the results will be integrated with further infill seismic which PGS plan to acquire later this year. A Reconnaissance Permit has been applied for by PGS. The conversion of the TCP licence to an Exploration Permit is still available pending the outcome of revision to the MPRDA.

Steve Ilett – Exploration Manager South Africa commented:

“Our exploration of the Abrupt Margin Wedge play off the east coast of Transkei is progressing well and initial interpretation of the newly acquired data is producing very encouraging results. Our JV partner ExxonMobil are also excited by the latest data. We will be deciding in the New Year the best way forward for further acquisition once the discussions surrounding the MPRDA are brought to a successful conclusion.”