Pulse Oil has purchased a 50-year seismic data license for a Queenstown specific 3D seismic data set covering 15,360 acres (62 sq km’s) encompassing the core of Pulse’s Queenstown assets targeting light sweet oil.
As with the acquisition recently of the Bigoray 3D seismic data set, this most recent acquisition is critical for Pulse’s Queenstown drilling program consisting of at least 20 drill-ready prospects, with the first well planned for Q4 2018. Cash flow from current production is anticipated to fund these operations.
The Milo 3D seismic data set was recently tested with Pulse’s advanced Amplitude vs. Offset (AVO) work that tied in accurately, the seismic data to the “sweet spots” in its existing horizontal wells. This work led to the identification of eight high-graded development locations, all targeting the interpreted highest porosity and permeability sections of the light oil-prone Glauconite Lithic Channel trend previously discovered on Pulse’s land.
Pulse President, Drew Cadenhead, commented, “This was a critical acquisition for us as we have seen the benefit of the AVO work we performed on the Milo 3D earlier this year. Now that we have unlimited access to the data for the future, we can use the seismic and AVO work to directionally drill in the most prospective reservoir rock throughout the entire horizontal portion of our wells. We are pretty excited to use this new AVO data to steer our wells right down the heart of the sweet spots and build a successful long-term light-oil growth opportunity for Pulse at Queenstown.”
Source: Company Press Release