Canadian junior firm Corridor Resources was issued exploration license EL-1153 from the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) in exchange for the surrender of exploration license EL-1105 covering the Old Harry Prospect in the Gulf of St. Lawrence.
The new exploration license expires on 14 January 2020, subject to extension by Corridor for an additional one-year period (14 January 2021) with the payment of a CAD$1 million (US$765,374) deposit.
Corridor says it intends to purchase a user license for a controlled source electromagnetic (CSEM) data program over the Newfoundland and Labrador side of the Old Harry prospect on EL-1153.
CSEM data is a marine geophysical tool developed in recent years to investigate the resistivity of geological prospects, similar to resistivity logging in well bores of potential hydrocarbon zones. Highly resistive layers in a geological structure measured with CSEM technology could indicate hydrocarbon bearing reservoirs and, therefore, would serve to reduce exploration risk and increase the likelihood of finding commercial quantities of hydrocarbons.
The undertaking of the CSEM program over the Old Harry prospect, currently planned by an independent service provider for a seven-day period in the fall of 2017, is subject to the receipt of the necessary regulatory approvals and vessel availability.