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NWest Energy Inc. - Operational Update - Results of E3D Interpretation
ST. JOHN'S, Aug. 26 /CNW/ - NWest Energy Inc. ("NWest" or "the Company", TSX-V: NWN), an oil and ...
About this update from Ceylon Graphite Corp.
[{"type":"text","content":"\n\n\n\nST. JOHN'S, Aug. 26 /CNW/ - NWest Energy Inc. ("NWest" or "the Company",\nTSX-V: NWN), an oil and gas exploration company with licences offshore western\nNewfoundland, is pleased to announce the results of its Exploration 3D ("E3D")\nseismic interpretation.\n\n\nTwo E3D surveys were acquired in the last quarter of 2008, covering an\narea of approximately 598 sq km in total. The seismic program was designed to\ninvestigate several of the high-graded structures that had been identified in\nthe Sproule Resource Assessment Report completed under National Instrument\n51-101 ("NI 51-101") on behalf of the Company in 2007. The Southern area\nseismic survey focused on the 'T' Structure which was estimated by Sproule to\nhave potential Undiscovered Resources of 572 million barrels ("MMBbls")\nOriginal Oil in Place ("OOIP"). The Central area seismic survey targeted the\n'N' and 'O' Structures which were estimated by Sproule to have potential\nUndiscovered Resources of 312 MMBbls OOIP and 444 MMBbls OOIP respectively.\n\n\nNWest retained GEOSEIS Inc. ("GEOSEIS") of Calgary, Alberta in March 2009\nto assist the Company's management with the interpretive analysis of data\nacquired from the E3D seismic survey. Local well data, regional geology and\nhistorical 2D seismic data were also incorporated by GEOSEIS to prepare\nProbabilistic Resource Estimates under NI 51-101. The following progress and\nconclusions resulted from GEOSEIS's geological and geophysical technical\nstudies:\n\n\n- The 'T' Structure previously mapped by Sproule and Mobil in the\n Southern Area has been confirmed.\n- Upgrading of the 'T' Structure from exploration lead to prospect status\n and the identification of two alternative well locations for\n consideration. The structure has been extended aerially in size and\n requires some follow-up data to confirm southwesterly closure on the\n expanded area.\n- Volumetric probabilistic modeling for the 'T' Prospect results in a\n Mean potential Undiscovered Resources of 597 MMBbls OOIP and Mean\n Prospective Resources of 114 MMBbls. The uncertainty associated\n with these pre-drill success case modeling results is large (100's of\n millions of barrels).\n- Understanding of potential reservoir and trapping mechanisms associated\n with the 'T' Prospect ...