Gulf of Saint Lawrence, QUEBEC AND NEWFOUNDLAND AND LABRADOR

Corridor holds Québec exploration licences covering 123,550 gross acres over most of the giant “Old Harry” prospect, located in a water depth of 460 meters in the Laurentian Channel in Québec.  Corridor acquired 1300 kilometers of modern seismic data across and in proximity to this structure in 1998 and 2002. Approximately 60% of the prospect lies within the Québec sector.  The remainder lies with the Newfoundland and Labrador sector of the Gulf, where Corridor holds an exploration permit issued by the Canada-Newfoundland Offshore Petroleum Board. The Newfoundland and Labrador licence covers 127,948 acres and carries a minimum work commitment of $1,521,000 to be conducted over a five year initial term.

 

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".

 

Corridor has filed a proposal with the Newfoundland and Labrador Offshore Petroleum Board to undertake a site survey in preparation for drilling an exploratory well on the Newfoundland and Labrador side of the prospect (see below) within the next couple of years, as soon as the requisite government approvals can be obtained.  Corridor is also looking to secure a rig to drill the prospect.