The company is currently in discussions with client companies as per their participation in the demonstration project. The scope of the demonstration is to prove the technology can map oil seeps over a number of land-based scenarios. The Company is also planning to undertake off shore demonstration surveying after this initial program, to confirm the capability to map seeps which occur under water.
Shell Oil's recent purchase of approximately 890 sq kilometers of heavy oil land leases for $465M illustrates the need to identify new conventional and unconventional (oil sands) resources. AEI President, Gary Williams stated: "The Shell deal is likely just the beginning to escalating acquisition costs. We believe the technology can potentially provide added insight to the more prospective lands and thus mitigate exploration/acquisition risk".
The representations made in this news release are subject to AEI completing its due diligence review of the operations of LDI3.
Advanced Explorations Inc. is a high-tech service company providing leading-edge technologies to the global petroleum and mineral exploration industries. Using AEI, exploration companies can reduce the time involved evaluating high-potential, and high-risk, targets in heretofore-unrealized sites around the world. Shares of the Company are listed for trading on the NEX board of the Toronto Stock Exchange under the symbol "AXI-H". There are 8,677,892 shares issued and outstanding.
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