NWest Energy has been advised by Geophysical Service Inc. ("GSI"), the seismic operator, that the Exploration 3D ("E3D") seismic acquisition program offshore Western Newfoundland has been completed for 2008.
Processing of this data is now underway towards target delineation of NWest's high-graded prospects currently mapped on previously acquired seismic data. Processing and interpretation of the survey is likely to take several months.
The current program, though reduced in size from initial plans, covers a survey area totalling approximately 500 sq km, representing 100% of the Southern area and 40% of the Central area. The operations were concluded in late December as continued adverse weather and sea-state conditions made safe operations and further seismic acquisition impractical. However, several key geophysical targets were surveyed and this new data will assist in defining specific drill targets.
NWest President and Chief Executive Officer Francois Gauthier said, "We are very pleased to have acquired high quality data across our primary target area. We are excited to be moving into the next phase of the project which is to integrate the results of both the new E3D seismic data and existing 2D seismic data in order to identify drill-ready prospects."
The Company will incorporate this new data into its existing interpretation and continue to solicit joint venture partners to drill this underexplored frontier basin. In 2007 Sproule Associates Limited of Calgary, Alberta prepared an NI-51-101 compliant petroleum resource assessment of NWest's offshore exploration licences and concluded that "the 11 most significant geophysical anomalies herein considered as forming the initial exploratory drilling phase of NWest's ongoing program may have an undiscovered in place-resource in the order of 3.8 billion barrels."
The recently completed seismic program was designed to further delineate some of these geophysical targets. The offshore licenses have never been drilled but the resource estimate does underscore the world class potential of the company's licenses.
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