Oilsands Quest has provided an update on its reservoir test program at its Axe Lake Discovery in northwest Saskatchewan, as well as its Liquidity.
Axe Lake Discovery - Reservoir Test Program
Oilsands Quest's reservoir test program is proceeding at its three sites within the Axe Lake Discovery area in northwest Saskatchewan. Drilling and construction continue on Test Site 1 and the heating test program at Test Site 3 has commenced.
"The start-up of Test Site 3, which uses electric heat, is just the first step towards capturing critical effective reservoir properties at a field scale level to calibrate our reservoir simulator and maximize the efficiency of the steaming tests on the vertical test holes at Test Site 1," said Jamey Fitzgibbon, President and Chief Operating Officer "We are pleased with our overall progress and results to-date and we will continue to effectively execute our long-term plans as well as continue to demonstrate financial prudence in containing our expenditures to meet these objectives."
Test Site 3
Test Site 1
Test Site 2
At Test Site 2, front-end engineering and design work on a facility for tests using mobilization agents other than steam is nearing completion.
Oilsands Quest is currently focused on effectively conducting the vertical hole test program (Phase One) at Test Site 1, maintaining capital discipline with a focus on capital preservation while maintaining an aggressive exploration program. At the present time, the Company believes it has sufficient funding to effectively conduct the planned vertical hole test program at Test Site 1, to meet its flow-through renunciation commitments resulting from the equity financing completed in early October and continuing to maintain its core operations for the next 18 months.
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