The first term, which engrossed the reprocessing of seismic information, started last year.
Finder Exploration and Gippsland Offshore Petroleum have already acquired 6,968 kilometers (4,329 miles) of latest 2-D data and reprocessed the present 2-D seismic data. The companies also obtained 23,974 kilometers (14,896 miles) of Falcon Gradiometry gravity data in the first permit year.
Finder Exploration is aiming recoverable reserves of up to one billion barrels. The company stressed that striking natural gas would not be a second prize as Jamaica has rising energy demands.
The company said that play has the potential for stacked reservoirs ranging in age from the early Miocene to Albian, plus clastics and carbonates. Gas seeps are active onshore Jamaica and the existence of hydrocarbons in 10 of the 11 wells drilled show source adequacy.
The permits total 14,329 square kilometers (5,532 square miles) in waters ranging from shallow to deep. Finder Exploration (operator) and Gippsland Offshore Petroleum hold 50% interest each in the permits.
