French authorities awarded Planet Oil Ltd. an exclusive exploration license that covers most of Guyana's offshore basin from the 12-mile coastal limit to the 3,000-m water depth contour.
The license along South America's northeastern coast covers 65,000 sq km.
The 5-year agreement provides for a well commitment by the end of 3 years, said Planet Oil parent Hardman Resources NL, West Perth, Australia.
Guyana is underexplored with old seismic coverage and two shallow-water wells drilled in the 1970s, the companies said.
Hardman planned a detailed technical review taking several months. It also consulted seismic contractors about the de- sign and acquisition of a new 2D seismic survey with the aim of highgrading several play types considered likely in the area.
