Anticosti Hydrocarbons LP has announced the completion of the first phase of its exploration programme on Anticosti Island and the demobilisation of all coring equipment: the completion of the Martin-la-Mer core hole is the final stage of an initial campaign that involved the drilling of 12 core holes. The programme was completed within budget while respecting all health, safety, and environmental regulations. The sites of these core holes will be restored to their natural state in accordance with the highest industry standards while also respecting the needs expressed by the Anticosti community.
The objectives of this initial work phase were to delineate the extent of the hydrocarbon resource and identify locations for three horizontal exploration wells, expected to be drilled in the summer of 2016. Anticosti LP believes the core hole survey campaign has been well executed and has achieved its key objectives. Anticosti LP expects to choose the locations of the three exploration horizontal wells over the coming weeks when all of the technical information is fully compiled and analysed.
The results of the seven core holes drilled in 2015, when combined with those of the five core holes drilled in 2014, are generally consistent with Anticosti LP's expectations in terms of the Macasty Formation thickness, total organic content (TOC), porosity, permeability and maturity. These results favourably compare with those of North America's best oil and gas reservoirs found in shales.
Anticosti LP has begun the work necessary to comply with regulatory requirements to obtain a certificate of environmental authorisation. This should enable us to proceed with the hydraulic fracturing of the three horizontal exploration wells in 2016.
It may be noted that work performed on the island in 2014 and 2015 created jobs for 90 persons. Thanks to the Anticosti LP's local purchase policy, $2.7 million has also been injected in Anticosti Island's economy and $8.6 million injected in total to Eastern Québec.
Edited from press release by Angharad Lock