Infiniti has received approval for use of injectant from a recently drilled source well, and has been advised that a similar approval for additional injectant volumes is expected to be granted subject to submission of a nominal license fee.
Infiniti is now preparing its application to the Alberta Energy and Utilities Board for approval of the overall project scheme, for which the most significant outstanding item has been securing an injectant supply. Infiniti is also negotiating with an industry competitor for supplemental injectant volumes to enable acceleration of injection and consequent production response.
Infiniti is targeting to install facilities and commence injection during the summer or autumn of 2005, and to resume oil production between 6 and 24 months later.
This oil development project is expected to provide significant future value with its total proved plus probable reserves of more than one million BOE, and provides balance for Infiniti's deep gas drilling projects. Infiniti operates a 94.75% interest.
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