GLJ Petroleum prepares UPIIP report for Saucède Prospect in France

GLJ Petroleum Consultants has prepared an independent evaluation of the Undiscovered Petroleum Initially In Place (UPIIP) for Petromanas Energy’s Saucède Prospect in France.

GLJ evaluated four stacked formation targets on the Saucède prospect, which is on the Ledeuix permit located in the southern France’s Aquitaine basin.

Petromanas said the report was predicated on work it carried out in re-processing and interpreting existing 2D seismic on the Ledeuix permit.

Data from the Saucède-1 well that was drilled in the late 1970s and early 1980s was also used.

The rest of the prospects on the Ledeuix permit require additional information and/or technical evaluation.

Petromanas CEO Glenn McNamara said: "The report highlights the increased potential of the Saucède prospect, one of several prospects on the Ledeuix permit, which is in a historically productive region of a country with a marked supply/demand imbalance, favourable fiscal terms and extensive infrastructure.

"Next steps include initiating a marketing process to assess the joint-venture (JV) potential for this asset and the finalisation and permitting of a well location that will allow us to test the identified deep, naturally fractured carbonate structures."

The Ledeiux and Ger permits expired in 2013, and Petromanas urged the French Government to renew them for a five-year period.

Petromanas said the permits are moving forward via the normal renewal process and are awaiting signature of the energy minister.

The company is working with Macquarie Capital Markets Canada to complete data room preparations and a marketing initiative to support negotiations with potential JV partners for its French assets.

Petromanas, which holds exploration assets in France and Australia, has a 100% working stake in both permits.