Energy Exploration Technologies (NXT) reported on client exploration activity on areas where it has conducted SFD surveys. All information contained herein has been approved for release by NXT clients or is publicly available.
NXT is in the business of providing wide-area airborne services to clients utilizing its proprietary SFD Survey System to search for new oil and gas fields. The Company rapidly identifies and ranks prospective areas with sub-surface structure and reservoir potential. Our service provides an efficient, cost effective method for surveying large tracts of land and delivering an inventory of high impact SFD qualified prospects.
NXT clients report the acquisition of oil and gas mineral rights on over 30,000 acres of land related to eight SFD prospects. Clients have also stated their intention to acquire additional lands identified as prospective by SFD.
NXT clients report the acquisition of seismic data on twelve SFD prospects for the purpose of selecting drilling locations. In all cases, the seismic data appears to confirm with high correlations the structures identified by SFD.
NXT clients have recently licensed six exploratory wells on SFD prospects. The first three wells are in various stages of drilling and completion activities. The status of the remaining three wells is unknown. NXT has an overriding royalty interest on the licensed wells that are successful.
NXT clients have reported drilling two wells in areas surveyed but not recommended by the SFD system. NXT's recommendations not to proceed were based on SFD indicators that suggested poor reservoir potential. Both wells were drilled based on 3D seismic evaluation and were subsequently abandoned.
As NXT clients work through the inventory of SFD prospects, this list of client activities will continue to grow and the company will continue to report all material developments.
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