GREY:SXRZF - Post by User
Post by
gskohlion Oct 07, 2009 11:29am
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Post# 16369598
Good to know CQV will ready for big rally
Good to know CQV will ready for big rallyWe are delighted to have made this acquisition, which allows us toparticipate in the potential benefits of the Nalcor operated program,while being exposed to none of the downside risk," said Steven Millan,CEO of CIVC. "The Parson's Pond area has long been recognized by theindustry as having significant hydrocarbon resource potential. IfNalcor shows this to be true, then it will be of great benefit to CIVCshareholders, many of whom are intimately connected to the area andthis Province."
In signing the above-noted agreement, CIVC isnow involved in two areas of Western Newfoundland - Shoal Point andParson's Pond. The areas of Shoal Point and Parson's Pond have hadintermittent production between 1895 and 1925 with cumulativeproduction of around 10,000 barrels of oil. The proposed Nalcor programwould be the first program designed to test the deeper and largerprospects in the Cambrian Ordovician Carbonate Platform in the Parson'sPond area and according to an independent assessment, the Nalcorproperties have the potential to contain an aggregate of 284 MMBbl ofoil-in-place. CIVC is currently working with its partners to design anexploration program that will test the Green Point Shale formation onEL1070 at Shoal Point. An independent assessment of the Green PointShale potential on EL1070 states that the property could contain 1 to 2billion barrels of oil-in-place.