For the second time in a month, Headwater Exploration revealed new land in its corporate presentation (see the first time here). This land is in Sasktachewan, a new area for the company, and is nearby Strathcona’s Druid field. The company indicates in its presentation that it will test 3 wells in Q1, with 2 of those wells being licensed on February 7th, 2024.
For much of the last year, Headwater has been talking about exploring new play potential, and industry watchers have been keen to figure out where these areas may be. In the company’s 2024 budget, Headwater mentioned “ten scheduled exploration wells will validate six new play concepts inclusive of two within the Clearwater fairway and four on the lands that have been acquired outside of the Clearwater fairway.”
See the company’s updated map with the new Sasktachewan Mannville lands from its corporate presentation below.
Source:PowerPoint Presentation (headwaterexp.com)
While we still can’t see any Crown mineral rights in the area owned by Headwater in the public domain, BOE Intel subscribers have speculated for months that Headwater had an interest in the area.
This is because back on March 23, 2023, there was a mineral rights transfer from Headwater to a land broker. It was only for a single section, but the implications were enormous. It was an immediate flag that Headwater did own mineral rights in this section, and had desired to hide those rights while it built up its land position. Of course until getting confirmation of its new land position in Saskatchewan there may have been other reasons for this transfer (one being that perhaps another company, also under broker, had bought it from Headwater), but now that we have confirmation we know the real reason behind the transfer.
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The map below shows that mineral rights transfer, as well as the two new well licences.