Corridor Resources - Old Harry Prospect

 

Corridor Resources Inc. has engaged Macquarie Tristone to seek proposals for divesting a portion of its working interest in the Old Harry Prospect in the Gulf of St. Lawrence, offshore Eastern Canada. This divestiture will be by means of a Joint Venture farm-out. Highlights of this opportunity are: 

  • Entry into an under-explored basin in the Gulf of St. Lawrence, Canada
  • Opportunity to evaluate one of the largest undrilled geological structures in Eastern Canada, a seismically defined structure with 43,000 acres (67 square miles) under simple four-way closure
  • The structure has the potential to contain total resources of 5 billion bbl of oil or 7 trillion cubic feet of gas in Carboniferous (Westphalian) clastic targets
  • Several direct hydrocarbon indicators identified, including satellite seepage slicks, frequency anomalies, amplitude anomalies, and AVO anomalies
  • Over 1,000 km of modern 2-D seismic on and around the prospect
  • Numerous additional unexplored structures have been identified including subsalt, salt flank and suprasalt plays
  • Water depth is approximately 470 metres in the Laurentian Channel Trough with an estimated drill depth of 2,500 metres to evaluate the Carboniferous reservoirs
  • Corridor has commenced planning preparation and permitting documentation to support drilling an exploration well within a two year target
  • Corridor has completed a site geohazard survey including bathymetry, seismic and sea bottom photography and has identified a potential well location on the EL1105 license 

Data Rooms available mid July 2011 with proposals due September 2011.