Canada's Questerre Energy Corporation (Questerre or the Company) announced Friday that it has entered into a memorandum of understanding (MOU) with the Ministry of Energy and Mineral Resources of the Hashemite Kingdom of Jordan for the appraisal and development of oil shale acreage in Jordan.
The MOU encompasses two blocks covering 150 square miles (388 square kilometers) in the Isfir-Jafr area, approximately 124 miles (200 kilometers) south of the capital, Amman. To date, a total of 35 core holes have been drilled on these two blocks by the Natural Resources Authority of Jordan. The Company is analyzing available data from these wells to develop its work program.
The primary objective of the work program will be to assess the acreage for potential oil shale development. The assessment will include economic viability, geologic, geophysical, hydrological studies as well as the feasibility of internal project electrical generation using oil shale. The initial term of the MOU is two years and may be extended. The Company estimates its commitments could be range between $2.4 million (CAD 3 million) - $4.1 (CAD 5 million) over the two year initial term of the MOU. Subject to results, the Company intends to develop a subsequent work program that would be conducted during the initial phase of a future concession agreement.
Questerre Energy Corporation is leveraging its expertise gained through early exposure to shale and other non-conventional reservoirs. The Company has base production and reserves in the tight oil Bakken/Torquay of southeast Saskatchewan. It is bringing on production from its lands in the heart of the high-liquids Montney shale fairway. It is a leader on social license to operate issues for its Utica shale gas discovery in the St. Lawrence Lowlands, Quebec.
Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.
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