more from Nalcor"We know there's oil there. We know there's source there. We knowfrom our seismic work that there are formations that should supportoil. And the only thing we need now is information down-hole. We needto drill to get that data," he said.
Crude oil was first seen seeping to the surface in the Parsons Pondarea 200 years ago, but despite many attempts, a commercially viabledeposit has never been found there.
"It's been drilled in the past, but at this point no one has drilledbeyond a thousand metres in depth. We believe the key hydrocarbonbearing structures are likely to be two thousand metres or deeper,"said Nalcor vice-president Jim Keating.
Nalcor and its private partners will spend $26 million over the next year to plumb those depths.