GPB Global Resources has announced that it has acquired a 2D seismic Data Acquisition at the Gewane-El Wiha licence area in Ethiopia.

The licence area which is situated in the Afar region North-East of Ethiopia, covers approximately 42,000 km² and has seen Airborne FTG and Magnetic Survey carried out in February this year.

GPB Global Resources had signed a Petroleum Production Sharing Contract (PPSA) on the Gewane-El Wiha licence area with Ethiopia’s Ministry of Mines in July 2014.The PPSA secures a 7-year exploration and a 25-year production period for the company.

The Russian explorer in its October presentation stated that the 2D Seismic Data Acquisition is intended to commence in Q4 of 2015.

GPB Global Resources is the sole operator of the 2D Seismic Data Acquisition project with 100% equity. However Ethiopia’s Ministry of Mines has the chance to support the project up to 15% during the development stage, Oil news Kenya reports.