NXT Milestone - Announces Airborne Survey April 1, 2019 NXT Energy Solutions Announces 2018 Year End Results and Update on $US8.9 Million SFD® Survey
CALGARY, Alberta, April 01, 2019 (GLOBE NEWSWIRE) -- NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX: SFD; OTC QB: NSFDF) today announced the Company's financial and operating results for the year ended December 31, 2018. All dollar amounts herein are in Canadian Dollars. Please see details of the conference call scheduled for 4:30 P.M. EST today at the end of this letter.
Q4 Financial and Operating Highlights
Key financial and operational highlights for the fourth quarter and 2018 include:
- Following the Company’s participation at the Upstream West Africa Summit in Senegal in Q2, NXT management traveled twice to Africa to meet with representatives of the Nigerian National Petroleum Corporation (“NNPC”) and the Ghana National Petroleum Corporation (“GNPC”) to discuss the benefits SFD® would bring to their current exploration programs. Discussions with NNPC continued in the fourth quarter of 2018 and have resulted in the signing of a contract in March 2019 with PE Energy Limited, a Nigerian oil and gas service company, for the value of approximately $US8.9 million. PE Energy Limited has a contract with NNPC, to provide 5,000-line kms of SFD® Surveys in Nigeria. Data acquisition operations for this contract are expected to commence in early April 2019 and NXT’s interpretations and recommendations are expected to be delivered during the third quarter of 2019.
- The Company has received a $300,000 USD mobilization fee from PE Energy Limited to begin the SFD® Surveys in Nigeria. A $1 Million USD pre-survey payment must be paid to NXT within five (5) days of performing a 100-line KM pilot survey. The pilot survey must be completed to the satisfaction of NNPC to evaluate the response of the SFD® in the Nigerian geological environment. Thereafter, payments will be made upon completion of each of three (3) project milestones: (i) data acquisition, (ii) interpretation and (iii) delivery of a report with satisfaction of all performance conditions under the contracts. The contracts have resulted from more than six months of negotiations and the exchange of substantial technical information on the performance of the SFD®.
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