Macro Tsimmis

intelligently hedged investment

Oilsands Quest (BQI) update #7

Posted by intelledgement on Tue, 18 Mar 08

Our aptly-named speculative Canadian oilsands play, Oilsands Quest (BQI) released an update of their winter field operations today. All told, they drilled 168 holes, including 143 in Saskatchewan and their first-evert 25 in Alberta. 18 of the exploratory holes drilled in Alberta “encountered meaningful intercepts of bitumen-bearing McMurray formation,” although precisely how meaningful we won’t know until the lab analysis results come in, probably this fall.

Two of a planned 18 holes at three test sites for this summer’s planned reservoir field test at Axe Lake have been drilled; drilling is scheduled to resume after the spring breakup. This program is intended to contribute to the data required to determine the optimal in-situ process or processes that may be used at Axe Lake. Initial steam injection into the reservoir is expected to commence this summer.

The company also conducted 3-D and 2-D seismic programs on its permit lands in Saskatchewan and Alberta this winter. They are using the seismic survey data to further define geological structure and reservoir characteristics within the Axe Lake Discovery area and to identify exploration targets.

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