NWest Energy Inc. has signed a contract with Calgary-based Geophysical Service Inc. for the acquisition of 3D seismic data over approximately 900 square kilometers off Western Newfoundland. The data is to be collected over a six to eight week period in the third quarter, 2008, pending final approval of the Environmental Assessment by the Canada-Newfoundland Labrador Offshore Petroleum Board (CNLOPB).
The NWest program marks the first time 3D seismic data will be acquired and analyzed in the emerging Western Newfoundland offshore oil play. NWest has identified 11 highgraded targets with a total potential of 3.8 billion barrels within its exploration licence area.
The 3D seismic program will cover several stacked targets, ranging from 300 million to 500 million barrel oil potential. Targets have been identified through detailed analysis of existing 2D seismic data and other geological data. Following a successful 3D seismic program, NWest plans to drill its first well in 2009.
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