Lochard Energy Seeking Partners

Lochard Energy Group has opened a data room to attract potential farm-in partners for the Thunderball prospect on UK North Sea block 14/26b extensive seismic re-mapping and interpretation.

Lochard's 100% owned subsidiary Zeus Petroleum Ltd has a 90% interest in this block. The original discovery well drilled in the 1990s by Arco, flow-tested 34mmscf gas per day, which was thought to be uneconomical.

Zeus, which initially mapped this prospect on old seismic data, pegged the most likely recoverable prospective resources at 318 BCF of gas. The new interpretation by the Company has put the most likely recoverable prospective resources at 620 BCF of gas in the Scapa sands (c.50% on block) and most likely recoverable prospective resources of 74mmbbl of oil in the Buzzard sand member (c.90% on block).

"We are excited by the increased size of the Thunderball gas prospect and the oil exploration potential. Both targets can be drilled by the same well with a total depth of 7000ft," Lochard Energy Group CEO Haydn Gardner said.

"Zeus would like to drill this well during 2012 and is actively seeking a farm-in partner to offset drilling costs. To date, there have been high levels of interest in the Thunderball prospect with numerous parties already having signed confidentiality agreements to review the data room information.

We look forward to updating shareholders on the progress in due course," he said.