Petroquest International has been carrying out the seismic survey of more than 17,000 square kilometres off the southern shelf of Seychelles since last November.

Lane Franks, president of Petroquest, told a press conference on Wednesday that the  survey vessel Geo Arctic – which is in Port Victoria for the second time since operations began – has now collected more than 40% of the total seismic data.

He said if everything runs according to schedule, the survey should be completed by April. After that, the data will be processed and interpreted, along with other geological factors, to determine whether and where any wells will be sunk.

If the oil intensity per well is found to be commercially profitably, then drilling proper for oil will begin.

Mr Franks, responding to a question from the press, said there were already promising indicators from previous seismic surveys carried out by Amoco, Texaco and Enterprise Oil.

He said if it is decided to drill for oil, it will probably be carried out by a consortium of at least three oil companies to spread the investment risks.

“Even Exxon Mobil spreads out its risks for such high investments,” he said.

Mr Franks added that in such circumstances all appropriate safety standards will be applied.

“Seychelles is a beautiful country and we are very conscious of these issues,” he said.

Also involved in the survey is WHL Energy, whose chief executive David Rowbottam joined Mr Franks at the press conference held at Seychelles Petroleum Company’s (Sepec) headquarters at the New Port. The two companies are in the process of being merged.

Besides meeting Sepec officials, they are also giving the government an introduction to the merger partners and presenting a firsthand update on the current seismic acquisition programme.

Mr Rowbottam said: “We are very happy with the progress made by the seismic vessel and are encouraged by the support of the Seychelles government and Sepec. We look forward to completing the merger and progressing towards drilling.”

Newsmen were told there has been one minor incident involving the Geo Arctic and its support vessel with a local fishing boat. In a separate incident, the Cat Cocos ferry was delayed by around 20 minutes.

The seismic survey is expected to cost $18-$20 million.