UNX HAS SIGNED A 3D seismic contract with Petroleum Geo-Services. UNX plans to acquire approximately 1,125 sq km of 3D seismic on the 90 per cent-owned Exploration License 2815, consisting of Blocks 2815, 2816 and 2916, offshore Namibia. The programme will target various features on the blocks, and is expected to commence in mid-February, 2011. The seismic programme will be funded from proceeds raised in July and November of 2010.
"The addition of this high-quality 3D seismic data to our existing scientific information will provide further clarity on the size and extent of the resources on our licenses in offshore Namibia," said Mr. Gabriel Ollivier, President and CEO of UNX Energy. "The 3D seismic data will enhance scientific detail and add to our growing inventory of drilling prospects. As part of our 2011 work program, the various seismic surveys that will be conducted on our blocks will focus on select areas of our acreage, updating existing resource estimates and providing additional independent resource estimates on the blocks. The seismic will also contribute to a data room and inventory of drill-ready locations for companies interested in farm-in opportunities. At approximately two times the minimum required work commitment of 550 sq km, this 3D seismic program exceeds UNX's required work commitments for the Exploration License."