HALIFAX, NOVA SCOTIA–(Marketwired – Nov. 7, 2017) – Corridor Resources Inc. (TSX:CDH) (“Corridor”) is pleased to announce today that the planned controlled source electromagnetic (“CSEM”) data program over the Newfoundland and Labrador sector of the Old Harry prospect has been approved by the Canada-Newfoundland Offshore Petroleum Board (“C-NLOPB”).
The CSEM program, being undertaken by a third-party service provider, is expected to commence in the coming days and be completed by mid-November. The CSEM program will 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, may serve to reduce exploration risk and increase the likelihood of finding commercial quantities of hydrocarbons. Corridor expects the final processing and interpretation of the CSEM data to be completed in the first quarter of 2018.
There is a legal challenge by a group led by the David Suzuki Foundation (“Suzuki et al”) to the C-NLOPB’s decision to grant Corridor exploration licence EL-1153 on the Newfoundland side of Old Harry in January of 2017. The originating application to the Supreme Court of Newfoundland and Labrador claims that the C-NLOPB “erred in law and acted unreasonably” when it issued Corridor exploration license EL-1153 in exchange for its expiring exploration licence EL-1105. Suzuki et al are asking the Court to confirm that any and all of Corridor’s exploration licences on the Newfoundland side of Old Harry have expired.
The C-NLOPB has filed an application objecting to the standing of Suzuki et al on the basis that they are not persons aggrieved by the issuance of EL-1153 and they have no legal stake in the matter of the validity of EL-1153. In addition, the C-NLOPB has filed an affidavit in opposition to the merits of the Suzuki et al originating application. Corridor supports the C-NLOPB’s position and has been granted intervener status in the case, as has the Government of Newfoundland and Labrador. The hearings on the originating application, to be undertaken in the form of a judicial review, and the C-NLOPB’s standing application, are expected to be held on December 13-15, 2017. Corridor does not intend to issue any further comment on the proceedings until they are completed, unless otherwise required by applicable law.
Corridor is a Canadian junior resource company engaged in the exploration for and development and production of petroleum and natural gas onshore in New Brunswick and offshore in the Gulf of St. Lawrence. Corridor currently has natural gas production and reserves in the McCully Field near Sussex, New Brunswick. In addition, Corridor has a shale gas prospect in New Brunswick and an offshore conventional hydrocarbon prospect in the Gulf of St. Lawrence.