Business
Vulcan Minerals Inc. Wins Offshore Block
Vulcan Minerals Inc. Wins Offshore Block.
About this update from Vulcan Minerals Inc.
[{"type":"text","content":"\n\n\n\n\nStock Symbol: TSX: VUL\nShares issued: 28,510,884\n\nST. JOHN'S, NL, Dec. 2 /CNW/ - Vulcan Minerals Inc. (\"the Company\" TSX-V:\nVUL), is pleased to announce that it is the successful bidder for parcel 7\noffshore Western Newfoundland pursuant to Call for Bids NL05-1 by the Canada\nNewfoundland and Labrador Offshore Petroleum Board (CNLOPB). Vulcan submitted\na joint bid on a 50/50 basis with a private company. Pursuant to the call for\nbids the Company and its partner have 15 days to post a security deposit of\n$128,000 for the offshore license representing 25% of its work commitment bid\namount of $512,012. The security deposit is refundable if the work commitment\nis carried out. The exploration license will have an initial 5-year term\nextendable for 4 additional years if a well is drilled in the initial term.\nParcel 7 covers 395,000 acres of the Anticosti basin in the Gulf of St.\nLawrence immediately adjacent to the West Coast of Newfoundland (see map at\nhttp://www.vulcanminerals.ca/press/default.html ). The area is prospective for\npetroleum in Lower Paleozoic sediments as evidenced by the oil and gas\ndiscovery at Port au Port No. 1, (100 km south), numerous onshore oil seeps\nand petroleum production in similar rocks through Appalachia extending down to\nTexas.\nThe parcel contains in excess of 1,200 line kilometres of seismic data\nacquired by Mobil Oil in the 1990's. A preliminary in-house assessment of\ninterpreted seismic data filed with the CNLOPB confirms the presence of\nseveral large structures at least one of which potentially exceeds 150 km2 in\nareal size.\nVulcan and its partner will commence a detailed analysis of all\ngeological and geophysical data towards securing partners to drill the block.\nGiven the environment of escalating energy prices, Western Newfoundland (both\noffshore and onshore) provides the opportunity for significant new petroleum\ndiscoveries. The Company is currently drilling Hurricane No. 2 onshore Western\nNewfoundland and expects to be completed by Christmas. Onshore seismic\nsurveying is also ongoing as the Company aggressively advances its exploration\nprogram.\n\nThe TSX Venture Stock Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this release.\n%SEDAR: 00003997E\n\n\n","length":2355,"tagName":"div"}]