Port au Port #1, the first deep well in western Newfoundland and the first to be drilled on modern seismic data, was drilled by the Hunt-PanCanadian partnership in 1995.
The attractiveness of the Port au Port Peninsula arose from the fact that it is at the northernmost landfall of the Appalachian Mountain system, along which favourable petroleum systems have contributed to the development of important petroleum provinces, including the West Texas, Anadarko and Michigan basins, all of which produce from Lower to Middle Ordovician dolomitized reservoirs.
CIVC’s assets in Alberta and the shales in Western NL are defined as unbooked resource potential and are not yet able to be classified as proven reserves, but CIVC believes they may move to proven reserves and producing in the future. Resources plays are an accumulation of hydrocarbons known to exist over a large area that has higher geological and commercial development risk.
CIVC resource plays have the potential to have a huge impact because of their size. The application of technology and program execution is key to exploiting value from resource. CIVC expects that development and operating cost will decrease with time.