The Opportunity

This region is in one of the last highly accessible, shallow water frontier areas of North America and offers the potential for superior returns in relation to the risk profile. The targeted Paleozoic sequence underlying the shelf of St. Lawrence Bay is similar with productive sections drilled within North America’s Appalachian foreland basins.

As detailed in the regional portion of this website, the offshore area is primarily a thick carbonate platform located in a foreland basin setting within the Anticosti Basin. A secondary target area east of the foreland basin includes the Appalachian Deformation Front containing stacked thrust sheets. While some drilling has occurred in the region, it has been largely onshore. To date, no wells have been drilled in the foreland basin itself. Only four wells, including a light oil discovery, have been drilled in the thrust zone (shallow water or onshore to offshore wells).

Ptarmigan Energy has completed significant work on its License 1120 including building a 2D seismic data base over the EL 1120, reprocessing and multi-phase reinterpretation of the seismic grid originally acquired by Mobil Oil in the 1990s. To date, PEI has identified two large drill-ready targets -the York Harbour and Lark Harbour prospects- and four additional leads. A recent independent assessment of the prospect’s hydrocarbon potential was completed by Martin and Brusset Associates of Calgary (September 2012).