The Annex—Early-Stage Exploration

After drilling a dry hole at Horseshoe in 2000, we relinquished 1 million acres of our near-shore acreage that had lowered prospectivity. We then annexed about 1 million offshore acres (4,070 sq km) to our Corentyne Licence, contiguous to the Repsol/CGX acreage.

We acquired 3,400 kms of vintage seismic data of which our work program requires we reprocess and interpret 800 kms. After reprocessing about 250 km, we have identified two leads—a toe thrust on line 31 and an amplitude lead on the intersection of line 4 and line 25. New 2-D seismic will be required to advance these targets to drillable stage. They are also distal to the currently interpreted extent of the Canje source kitchen so are higher risk targets until exploration progresses in the basin.