Offshore History

Eastern Newfoundland Offshore

Fig. 15 - Hibernia Platform

The Eastern Newfoundland offshore currently produces approximately 286,000 bopd from three major fields in the Mesozoic Jean d”Arc Basin. Development of a fourth field, Hebron Ben Nevis is underway and will add an additional 120,000 to 170,000 bopd to this total when it comes on stream. In addition 14 other significant discoveries have been made in this area making Newfoundland and Labrador an extremely rich oil region that is now responsible for 40% of Canada’s light crude oil production.

Labrador

Fig. 16 - Map of Labrador Discoveries

In the 1970′s several wells were drilled off the coast of Labrador. Two of these tested structures in the Ordovician Carbonate platform (Hopedale E33 – flowed at 19.5 mmcf/day from Ordovician limestone; Gudrid H55 – flowed at 20mmcf/day, top of Paleozoic dolomite). These are particularly significant to Ptarmigan Energy as these discoveries are believed to be an erosional remnant of the Cambro- Ordovician platform observed in the Anticosti Basin.

In September 2008 the CNLOPB announced the results of their most recent call for bids for the Labrador Offshore Region. Four parcels were let to Husky Energy, Chevron Canada Resources and Vulcan Minerals for commitments over a six year period totalling $186 M. This is a clear indication of renewed interest in the Labrador offshore.

Old Harry Prospect

Fig. 17 - Old Harry Prospect

Controlled by Corridor Resources, this prospect is within the Anticosti Basin in the Gulf of St. Lawrence approximately├é┬á120 km southwest of Ptarmigan Energy’s License 1120, the prospect has simple 4-way closure covering an area of more than 20,000 hectares, and is one of the largest undrilled prospects in Eastern Canada. Recoverable reserves potential is estimated to be in the order of 1.5 to 2 billion barrels (if oil) or 4 to 5 tscf (if gas). Six natural oil seeps have been detected on the ocean surface by satellite, apparently emanating from the flanks of “Old Harry”.