During the quarter reprocessed seismic data was mapped and a 2D seismic grid designed to evaluate the main prospects and leads. The seismic program will comprise approximately 270 line kilometres and is expected to be recorded in Q2 2010.
Results of the recent seismic mapping have significantly upgraded the prospectivity of the permit by:
- Identifying a significant new prospective trend with early structural growth in the southern part of the block
- Identifying a large mature source kitchen that could migrate oil and gas into this trend
- Upgrading the structural integrity and size of the existing prospects and leads
Following completion of seismic acquisition and processing to mature existing and potentially new leads, the remaining 2010/11 work program comprising three wells is expected to commence in late 2010.
Adelphi is continuing to market its interest in Block 74 but will review its strategy following completion of the seismic program in the lead up to the drilling campaign.
ADI Price at posting:
29.5¢ Sentiment: Buy Disclosure: Held
