Sagex applies in the 1st Icelandic Licensing Round 

Sagex is pleased to announce that it has submitted an application for an exploration and production license in the 1st Icelandic Licensing Round covering the Dreki Area. The application is a joint venture between Sagex Petroleum Iceland hf and Lindir Exploration hf and on a 50/50 basis with Sagex acting as operator. 

The Dreki Area is a part of the Jan Mayen Microcontinent, which geologically belongs to the North Atlantic passive volcanic margins and with similar geology as offshore Mid Norway. Sagex has worked the North Atlantic in both academia and oil industry for decades. Detailed evaluation of the Dreki Area has been a continuous effort since 2001. Sagex was instrumental in the acquisition of the Inseis 2001 seismic survey and has also reprocessed seismic lines from the old NPD / Orkustofnun surveys resulting in significant improvement.

Offshore Iceland is considered as one of the last unexplored regions in the world with a huge hydrocarbon potential and Sagex has great expectations that it will prove very prolific and become one of Sagex’s focus areas. 

License awards are expected in late October, 2009.

Additional information is available on Orkustofnun, the National Energy Authority’s website: www.os.is