France Asset Overview
The two acquired French blocks lie in the proven Aquitaine Basin in Southern France,
home to several oil and gas discoveries, including the approximately 9 Tcf of gas Lacq
and 2 Tcf Meillon fields in close proximity to one of the two blocks. Gallic had indicated
targeting bypassed gas in the Eocene to Lower Cretaceous conventional reservoirs, at
depths ranging from 600 m to 5,000 m. Note that Gallic’s management was of the view
that previous operators had bypassed these zones while targeting deeper Jurassic
The Ger block covers 127,000 net acres, in which Gallic held a 100% working interest.
GLJ, a third party consultant, had provided Gallic with an estimate of 786 BCF of
unrisked Original Gas in Place on a P mean basis based on data from legacy wells on the
block, including the Ossun-2 well. Note that log results from the 1967 drilling of the
Ossun 2 well mention gas shows while drilling.
Gallic’s management reported that log results from the Ossun 2D well – a side track to
the legacy well – indicated “characteristics of hydrocarbon bearing formations” being
present in the target zones. The Ossun 2D well however was suspended following “little
or no indication of fluid movement”.
The Ledeuix block covers 193,000 net acres, in which Gallic held a 100% working
interest. Gallic had provided an in-house estimate of 100 BCF of recoverable gas from
one of the targets on the block, mainly the Hagolle structure.