AustinBridgeporth: Completes airborne FTG survey in Greenland
Bridgeporth’s parent company, AustinBridgeporth, has completed acquisition of an Airborne Full Tensor Gravity Gradiometry (FTG) survey for Greenland Gas & Oil over their concession in the Jameson Land area of South Eastern Greenland. This is a new frontier oil and gas province that is thought to be closely related to the prolific producing fields of Mid Norway. The processing of the acquired FTG data is nearing completion and will complement the current 2D seismic data and contribute towards developing a better understanding of the structural and sedimentary components of the Jameson Land Basin.
Greenland Gas & Oil Limited – Financing and Operational Update
Privately-owned Greenland Gas & Oil Limited, the Greenland focussed oil & gas exploration and development company, is pleased to announce that it has closed a £1.1 million funding round raised via management and associates. The proceeds will contribute to exploration activities in the first phase of its exploration licences 2015/13 and 2015/14 in Jameson Land, south-east Greenland.
Consequently, the Company has been able to enter in to a Master Services Agreement with AustinBridgeporth, specialists in non-seismic data acquisition, with a view to acquiring a non-intrusive Full Tensor Gravimetric (‘FTG’) airborne survey over the Jameson Land licences this summer. This data will complement the current 2D seismic data which is also being reprocessedand ongoing multidisciplinary G&G work, which will provide a more comprehensive picture of the structural and sedimentary components of the Jameson Land Basin. GGO expects to confirm the substantial resource potential of its licences ahead of a farm- out process anticipated to commence in early 2018.
Mark Bilsland, Chief Executive, commented: “We are pleased to have secured the financing that enables us to move forward with the FTG survey, an important part of our technical work to assess further the potential of our portfolio. We are extremely excited by the prospectivity of the acreage and believe this work will significantly enhance our understanding of the exploration opportunities that it holds.”