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NWest Energy Seismic Acquisition Operational Update
ST. JOHN'S, Jan. 8 /CNW/ - NWest Energy Inc. ("NWest" or "the Company" TSX-V: NWN) has been advis...
About this update from Ceylon Graphite Corp.
[{"type":"text","content":"\n\n\n\nST. JOHN'S, Jan. 8 /CNW/ - NWest Energy Inc. ("NWest" or "the Company"\nTSX-V: NWN) has been advised by Geophysical Service Inc. ("GSI"), the seismic\noperator, that the Exploration 3D ("E3D") seismic acquisition program offshore\nWestern Newfoundland has been completed for 2008. Processing of this data is\nnow underway towards target delineation of NWest's high-graded prospects\ncurrently mapped on previously acquired seismic data. Processing and\ninterpretation of the survey is likely to take several months.\n\n\nThe current program, though reduced in size from initial plans, covers a\nsurvey area totalling approximately 500 sq km, representing 100% of the\nSouthern area and 40% of the Central area. The operations were concluded in\nlate December as continued adverse weather and sea-state conditions made safe\noperations and further seismic acquisition impractical. However, several key\ngeophysical targets were surveyed and this new data will assist in defining\nspecific drill targets.\n\n\nNWest President and Chief Executive Officer Francois Gauthier said: "We\nare very pleased to have acquired high quality data across our primary target\narea. We are excited to be moving into the next phase of the project which is\nto integrate the results of both the new E3D seismic data and existing 2D\nseismic data in order to identify drill-ready prospects."\n\n\nThe Company will incorporate this new data into its existing\ninterpretation and continue to solicit joint venture partners to drill this\nunderexplored frontier basin. In 2007 Sproule Associates Limited of Calgary,\nAlberta prepared an NI-51-101 compliant petroleum resource assessment of\nNWest's offshore exploration licences and concluded that "the 11 most\nsignificant geophysical anomalies herein considered as forming the initial\nexploratory drilling phase of NWest's ongoing program may have an undiscovered\nin place-resource in the order of 3.8 billion barrels". The recently completed\nseismic program was designed to further delineate some of these geophysical\ntargets. The offshore licenses have never been drilled but the resource\nestimate does underscore the world class potential of the company's licences.\nFurther information regarding the company and its exploration licences is\navailable at www.nweste...