Valhalla Oil and Gas – completion of UK onshore PEDL 150 seismic – 25/04/07
Valhalla Oil and Gas today announced that it had fulfilled its obligations regarding the farm-in to Europa’s UK onshore PEDL 150 licence by funding the recently completed acquisition of 40klms of new seismic data. An additional 8.825 klms were funded jointly by Valhalla and Europa. Valhalla now has a 25% interest in the licence and an option to acquire an additional 25% by funding a further 50% of an exploration well.
PEDL 150 is located to the west and southwest of the city of Lincoln. The new survey was designed to better delineate several leads which had already been identified as potential drilling prospects from mapping the recently reprocessed seismic from a variety of existing datasets which exist over the licence.
Following data processing, which is expected to be complete around end-June, the new seismic will be integrated with the reprocessed surveys and all remapped prior to proposing a near-term drilling location.