Oil and gas explorer Wessex Exploration believes it has enough cash to get it to the end of 2014.
There was £2.34m in the bank at the end of November 2013. Disappointing drilling results for the Guyane Maritime permit mean that Wessex will need to look elsewhere for exploration gains.
Wessex is resubmitting its application for a permit covering the bulk of the shallow water of French Guiana, inshore from its existing Guyane Maritime permit. Wessex should find out if it gets the permit in May.
Wessex is considering the potential for shale oil and gas on the Isle of Wight. In southern England, the current commitment deadline on P1928 is 1 February 2014 and PEDL238 and PEDL239 each expire on 1 July 2014 and operator Norwest is applying for an extension on P1928.
Wessex is expecting news about the renewal of the Juan de Nova Est Permit, where Wessex owns 50%. The dispute between Morocco and the Sahawari Arab Democratic Republic (SADR) over the Western Sahara area means that the future of Wessex’s interest in this area remains uncertain.
At 0.41p a share, down 0.03p, Wessex is valued at £2.97m.
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