Morava, 90% interest (contributing 100%)
The Morava project is located in the northern part of the Vienna Basin, a prolific oil and gas producer. There is potential for oil and gas prospects in both stratigraphic and structural traps at varying depths.
Of considerable interest to the company was the discovery by OMV, the Austrian oil and gas company, of an estimated 140 bcf gas field only 20 km north east of Vienna. Although this is approximately 75 km to the south west of the Morava permit it does confirm that there are good possibilities for substantial gas finds in the Vienna Basin.
Although there are a number of leads in the permit area it was decided to concentrate on features in the north-eastern part of the license which were of a size that could have a great impact on the company. A seismic survey over the leads commenced on 14 October 2005 and was curtailed by the contractor on 10 November 2005, leaving about 15 kilometres uncompleted. The survey was completed in late January 2006 and delivered to the contractor for processing.
The operator delivered a geophysical interpretation report at the end of June 2006. The report identified two potential gas targets (28-55 bcf) in the flysch sequence of the Magura Nappe and a 5 million barrel target in the Neogene of the Vienna Basin. A fourth target is still being assessed. All of these targets are now being subjected to a detailed technical review, a thorough risk assessment and a detailed economic analysis. Subject to this review it appears likely that one or more targets will be selected for drilling perhaps as early as the last quarter of 2006. However, if further specialised geophysical investigation of the current data set is required it is more likely that any drilling will be in 2007 because of the time required to plan and build a drilling location.
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