Bactech Environmental Corp. press release
Vulcan Minerals Inc. Exploration Update
CSE - Canadian National Stock Exchange · Gold · Silver · Arsenic · Iron · Nickel · Copper · Cobalt · Rare Earth Elements · Canada
Stock Symbol: TSX: VUL Shares issued: 35,278,384
ST. JOHN'S, June 27 /CNW/ - Vulcan Minerals Inc. ("the Company" TSX-V: VUL), is pleased to report that it has completed a detailed integration and interpretation of new geophysical data and drilling results from 2005 in the Bay St. George Basin, Western Newfoundland. These new geophysical data include 70 line kilometres of conventional seismic, multi-component seismic and 4,400 line kilometres of high-resolution aeromagnetic data. Drilling results from 2005 demonstrated that the petroleum system discovered at Flat Bay is also active within the Hurricane area approximately 20 km south. Shallow drilling on Hurricane in 2005 encountered significant oil and gas shows but the traps were breached. New targets identified deeper within the Hurricane Structure (up to 2,500 - 3,500 metres) have better trapping potential in rocks not yet drilled in the basin. Based on local geology these rocks are interpreted to host better reservoir quality rocks than seen in the shallower section and be closer to the source rock depocentre of the basin. More seismic will be required to sufficiently define these deep targets and optimize drill locations. The Company has laid out the location for this survey and has initiated the permitting of the survey. Subject to ground conditions, the survey is planned for late summer-fall. Otherwise it should be acquired this winter with plans to drill in 2007. The combined target areas on the structure could exceed over 100 square kilometres in areal size making it the largest feature the Company has explored. Drilling will require a larger rig than the Company currently owns. The Company is monitoring and assessing rig availability in Eastern Canada for the project. At the shallow Flat Bay oil deposit, the Company plans to drill a continuous core through the reservoir section to allow a detailed engineering analysis of the reservoir. That operation initially anticipated for June has been rescheduled to the third quarter due to the unavailability of a diamond coring rig. The purpose of the drill program is to test an area where fracturing of the reservoir is interpreted to be prevalent based on recently obtained geophysical data. A detailed core analysis will provide the Company with direction on how to proceed with potential recovery of oil from the Flat Bay deposit. The Company has also identified several new targets outside the Flat Bay and Hurricane areas that are less than 1,000 metres deep and capable of being tested with the Company's own drilling rig. Permitting has commenced for a fall drilling program consisting of two wells subject to financing. The Company's website, www.vulcanminerals.ca, has been recently updated, including a detailed presentation on our western Newfoundland petroleum prospects (see Updates link).
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