"We are investing now in activities that will create value and aggressive timelines for development," said Christopher H. Hopkins, President and CEO of Oilsands Quest. "We are evaluating reservoir characteristics to determine the best technologies for production and to help identify potential operating partners." The company expects to be in a position to begin discussing potential joint venture partnerships in 2008.
Potential for In situ Recovery
Oilsands Quest has a number of initiatives underway to evaluate in situ recovery alternatives. The company has engaged industry-leading technical specialists to undertake studies specific to the reservoir characteristics of the Axe Lake Discovery. It is also participating in collaborative research programs being conducted by major research facilities in Alberta and Saskatchewan. In addition, the company has been expanding its own staff and facilities as it moves toward development.
"We have assembled a high-caliber team with the experience and expertise to take the company forward," said Hopkins. "Our overall target is commercialization; however, at the same time, we will continue to conduct exploration on our Saskatchewan permits and our adjacent permits in Alberta."
Planned Activities and Preliminary Timelines
Following is an overview of key activities planned for the upcoming 12 to 18 months, along with an indication of preliminary timelines:
In addition to the above activities and a stepped-up exploration program, Oilsands Quest will continue to work closely with communities in the northwest region of Saskatchewan and with all stakeholders to gain support for future development.
Axe Lake Resource Characteristics
Although studies of the bitumen characteristics at Axe Lake are ongoing, the following characteristics are indicated to this point in time:
Axe Lake & In situ Recovery
Axe Lake is considered suitable for in situ recovery based on the resource characteristics, including the following:
Leading technical firms have been contracted to undertake bitumen recovery studies and to design field tests. Oilsands Quest is actively examining a variety of recovery techniques with the goal of identifying the most economic, energy-efficient, high-yield, "green" technologies suitable for the bitumen resource at Axe Lake.
Oilsands Quest Inc. is involved in oil sands exploration focused primarily on its oil sands exploration permits in Saskatchewan and Alberta. The company has initiated pre-commercialization studies for its Axe Lake Discovery, placing it at the forefront of the development of an oil sands industry in the province of Saskatchewan.
Most Popular Articles
From the Career Center
Jobs that may interest you