Wessex Exploration has revealed plans regarding an application for a new drilling permit in French Guiana’s deep offshore licence area.
The company already owns a share in a drilling permit in Guyane Maritime alongside oil major Shell, which owns a 45% stake, and other partners including Total, Tullow and Northern Petroleum.
In a results report Wessex Petroleum said discussions were ongoing between partners regarding application for a new drilling permit in the region.
The company said while it had concluded its current programme, data interpretation had led to identification of new leads and prospects in the untested central area.
Andrew Cochran, interim chairman and chief executive officer, said:”Wessex has undergone transformational changes and I am excited to be a part of the next stages in its corporate development.
“Our focus for the coming year will be on defining and implementing strategies for material growth and diversification within these challenging market conditions.
“We are now seeing many more opportunities arise to actively manage, and build on, the existing portfolio to develop Wessex into a robust independent E&P company.
“I would also like to warmly thank Malcolm Butler and Andy Yeo, both of whom have agreed to stand down at the AGM, for their significant contribution in guiding Wessex to date and making our transaction possible.
“Their vision, work and support have made these changes happen.”
The company said it was in a strong financial position, with £1.9million in the bank and “minimal” project commitments.
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