Advanced Explorations to Map Oil Sands as Part of Demonstration Survey
Advanced Explorations is planning to acquire data over areas of Alberta, including the oil sands as part of a demonstration mapping project for potential oil seeps using LDI3's Laser Induced Fluorescence Light Detection and Ranging (LiDAR) laser scanning technology. AEI has the right to acquire the exclusive world-wide rights to use the technology for oil and gas exploration from LDI3. The demonstration projects are designed to show the technology can identify oil on surface (seepage under water and on land) which is an indication of more prospective areas for oil, thus reducing exploration risk. Being able to provide rapid, low cost identification of oil seeps over areas of thousands of square kilometers can significantly impact exploration strategies. Frontier exploration which is viewed by some companies as too risky now becomes viable.
The company is currently in discussions with client companies as per their participation in the demonstration project. The scope of the demonstration is to prove the technology can map oil seeps over a number of land-based scenarios. The Company is also planning to undertake off shore demonstration surveying after this initial program, to confirm the capability to map seeps which occur under water.
Shell Oil's recent purchase of approximately 890 sq kilometers of heavy oil land leases for $465M illustrates the need to identify new conventional and unconventional (oil sands) resources. AEI President, Gary Williams stated: "The Shell deal is likely just the beginning to escalating acquisition costs. We believe the technology can potentially provide added insight to the more prospective lands and thus mitigate exploration/acquisition risk".
The representations made in this news release are subject to AEI completing its due diligence review of the operations of LDI3.
Advanced Explorations Inc. is a high-tech service company providing leading-edge technologies to the global petroleum and mineral exploration industries. Using AEI, exploration companies can reduce the time involved evaluating high-potential, and high-risk, targets in heretofore-unrealized sites around the world. Shares of the Company are listed for trading on the NEX board of the Toronto Stock Exchange under the symbol "AXI-H". There are 8,677,892 shares issued and outstanding.
- Advanced Explorations Completes First Tranche of $3MM Financing (Dec 15)
- Advanced Explorations Intends to Raise $3MM in Flow-through Financing (Dec 04)
- Advanced Explorations Closes on Private Placement's Second Tranche (Aug 06)