SYDNEY (AFX) - Gippsland Offshore Petroleum Ltd (GOP) and Finder Exploration Pty Ltd said they plan to use BHP Billiton's Falcon technology in exploration for oil in Jamaica.
The partners, each holding 50 pct of four exploration blocks about eight km's south of Jamaica, said BHP's technology will map the structure of the basins and provide detailed information on the reefs which are the key exploration play for most of the region.
Together with a Norwegian operated ship collecting seismic data, the exploration is expected to be completed by May and detailed analysis finalized by September.
The integration of the extensive seismic data and the detailed FALCON data is a world first for oil and gas exploration.
'The joint venture has a very aggressive data acquisition and interpretation schedule planned for 2006 that aims to identify drillable prospects by the end of 2006-early 2007,' GOP executives said.
'Both GOP and Finder Exploration enjoy a good working relationship with the Petroleum Corporation of Jamaica who have not licensed the offshore Walton Basin area for over 20 years,' they said.
Under a production sharing contract signed earlier this year, if oil or gas is discovered a 12.5 pct royalty will be given to the Petroleum Corporation of Jamaica.
paul.daniel@xfn.com
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© 2006 AFX News
