BQI $4.22 released winter drilling results, which were in accordance with the expectations and confirmed the continuity of the McMurray bitumen formation into Saskatchewan area.
Still long way before they can begin the production.
Oilsands and shales are very important oil resources. The latest oil discovery offshore Brazil is estimated to be the biggest in last 30 years: 33 mrd BOE (barrels of oil equivalent). But if the world's daily consumption of oil will continue in scale of 82-85 million barrels/day, this new discovery would suffice for one single year!
Canadian oil sands resources are estimated to ca 170 mrd BOE.
9:03AM Oilsands Quest announces conclusion of winter exploration program; drilling results continue to show continuity of bitumen resources over a large area (BQI) 4.25 : Co announces that the 2007/08 winter exploration program in the field concluded on March 26, 2008. The program demonstrated continued success on the co's contiguous oil sands exploration lands in Saskatchewan and Alberta. Overall, a total of 175 holes were drilled with 150 in Saskatchewan and 25 in the co's first exploration program conducted on its adjacent land holdings in Alberta. Evaluation of core and other data from these holes is being conducted. As anticipated, the drilling results continue to show continuity of bitumen resources over a large area. The drilled portion of the original Axe Lake Discovery area has increased in size from 36 sections (36 square miles) to 65 sections (65 square miles) as a result of the winter 2007/08 program. The exploration drilling in Alberta was completed over 24 sections (24 square miles). Of the 175 holes drilled, 155 were exploration and delineation holes in Saskatchewan and Alberta of which 103 encountered meaningful intercepts of bitumen-bearing McMurray formation (67 percent). The 175 holes drilled a total of 35,000 meters (114,850 feet).
AI
