Western Newfoundland
NWest Energy has acquired the exploration rights to, and completed initial interpretive analysis of, four exploration licenses in the Western Newfoundland offshore sector. The licences were issued by the Canada-Newfoundland and Labrador Offshore Petroleum Board (CNLOPB) in 2006 and 2007. The exploration licences are in place until 2011 and 2012, extendable for an additional four years with wells drilled. The total area of the combined licenses is 1,630,599 acres or 6,599 square kilometers.
NWest contracted Sproule Associates Limited (“Sproule”) of Calgary, Alberta to complete a report on the exploration licenses under National Instrument 51-101. Sproule has also undertaken a technical review and valuation of the exploration licenses. NWest has acquired all readily available modern 2D seismic data shot in the area in the 1990s. On April 15, 2008, NWest announced the signing of a contract with Geophysical Service Inc. for the acquisition of approximately 900 square kilometers of 3D seismic data in the third quarter 2008.
NWest has identified 11 high-graded targets, most of which involve stacked reservoirs, presenting multiple exploration targets. Total unproven oil-in-place potential within the exploration licence area is approximately 3.8 billion barrels. Identifiable within the seismic program area are 300 million barrel to 500 million barrel targets.
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