Seven Seas Announces Award of Exploration Block in Papua New Guinea.Seven Seas Petroleum Inc. (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. :SVSE) announced today that its application for Petroleum Prospecting License 182 in Papua New Guinea Papua New Guinea (păp`  ə, –y has been granted by the Department of Mining and Petroleum of Papua New Guinea. The license area covers 1,200,000 acres in the Fly River Delta- Oriomo area of southern Papua New Guinea. The term is six years with the first two years program consisting of review of all existing well data, seismic, gravity and other available data on the prospect area and the conducting of a high resolution aeromagnetic survey An aeromagnetic survey is a common type of geophysical survey carried out using a magnetometer aboard or towed behind an aircraft. The principal is similar to a magnetic survey carried out with a hand-held magnetometer, but allows much larger areas of the Earth's surface to be . The permit is located both on and offshore and the company expects to shoot an offshore seismic program with the aim of having a drilling location identified by late 1997. The license is bordered to the south by Torres Strait, on the east by the Gulf of Papua The Gulf of Papua is a 400 kilometer wide region on the south shore of New Guinea. and on the north by the Fly River. Technically, it is part of the Fly Platform, the southern, gently-dipping limb of the productive Papuan Basin. In this foreland portion of the basin the prospective sands are expected at shallower depths than in the Fold Belt some 150 kilometers north of the application area, where production from these reservoirs exceeds 100,000 BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot . The company believes that chances are excellent of finding one or more oil fields in the permit area with reserves of in excess of 100 million barrels of recoverable oil or oil equivalent at depths less than 8,000 feet. Seven Seas Petroleum Inc. is engaged primarily in international oil and gas exploration activities. -0- NOTE TO EDITORS: The Canadian Dealing Network Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. has neither approved nor disapproved the information contained herein. CONTACT: Seven Seas Petroleum Inc. A.E. Whitehead, 918/587-8093 or Timothy Stephens, 713/622-8218 |
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