Preeceville well and shale gasI understand this is a re-entry well that was cased to only 400 m in 2005, and is now being drilled to the basement for oil as well.
Unconventional gas sources are becoming a primary target for exploration within the Western Canadian Sedimentary Basin, including Nordic's Preeceville lands.
Nordic has 6,720 gross acres of five-year P & NG leases in Preeceville plus a further 101,760 gross acres of P & NG permits. The Company has shot 67 kilometres of seismic in the area and it has identified up to
80 exploration and development drilling locations.
The first 2 wells found oil and the presence of shale gas , but were not productive.
This well might just be the first successful one.
If it does, the share price will skyrocket next week.