Wessex Exploration (PLUS:WX) was buoyed by Tullow Oil’s (LON:TLW) assessment of the high-potential deep water Guyane Maritime license in French Guiana.
Wessex has a 1.25 percent interest in the project, which is being explored by a group of major oil companies - Shell (LON:RDSB), Tullow Oil (LON:TLW) and Total SA (NYSE:TOT).
Tullow drew comparisons between the French Guiana license area and its ‘company changing’ Jubilee oilfield, which is due to come on-stream next month.
"In French Guiana interpretation of the newly acquired 3D data set continues with the maturation of several Jubilee type prospects,” Tullow stated.
"The first and most exciting of which, Zaedyus, will be drilled in Q1 2011.”
Tullow’s costs for the 3D seismic and the Zaedyus well are being carried by Shell and Total, who both optioned into the project recently.
Wessex said it will continue to monitor the Guyane Maritime block and it plans to maintain its interest at the present level.
Tullow’s comments are from this morning’s comprehensive interim management statement, in which it highlighted that the Jubilee will come on-stream in December to produce 58,000 barrels of oil equivalent per day - the top end of expectations.
“First oil production from the Jubilee field is expected early next month and will transform Group production next year.”
Jubilee’s production will ramp up to around 120,000 barrels per day over three to six months.
The exploration work in French Guyane forms part of Tullow’s major ‘basin-opening’ exploration campaign, which is currently underway across five countries in Africa and South America.