OREANDA-NEWS. June 05, 2014. UMC Energy (LON:UEP) is awaiting the findings of a 2D seismic programme which was completed in January, offshore Papua New Guinea.

A total of 3,015 kilometres of 2D seismic data was acquired over 26 days. The programme was completed ahead of schedule and without incident.

UMC has a 30% interest in the offshore exploration project. China National Offshore Oil Company (CNOOC) owns the remaining 70% stake, and is the operator.

In the future, a 3D programme will be required and the partners are also committed to drilling at least one well.

A preliminary well location has been identified, UMC revealed in today’s results statement, and a preliminary well design has been formulated.

The AIM quoted explorer, which has yet to establish revenues, reported a USD 2.5mln loss for the twelve months to December 31 – compared to a USD 6.5mln loss in the year before.