LONDON--UMC Energy Corporation (UEP.LN), Tuesday announced the
commencement of an extensive 2D seismic acquisition program over
the offshore Petroleum Prospecting Licenses--PPL374 and PPL375,
held by Gini Energy Ltd, adding that the duration of the survey is
expected to be 30 days.
MAIN FACTS:
-UMC Energy holds a 30% interest in Gini, with CNOOC Ltd holding
a 70% interest. CNOOC is funding the entire cost of this
survey.
-BGP PNG Exploration has been contracted to acquire the new data
utilizing its dedicated 2D seismic acquisition vessel, the Dong
FangUMC Energy Corp. (UEP.LN) Kan Tan No. 1. Acquisition commenced
on Dec. 8.
-UMC Energy Corporation shares at 0955 GMT traded up 14.3%, at 3
pence, valuing the company at GBP14.5 million.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
Subscribe to WSJ: http://online.wsj.com?mod=djnwires