NXT Energy delivered milestone results from its Nigerian SFD® (Stress Field Detection) survey to its clients. The company was contracted to acquire 5,000 line-km of SFD® data by PE Energy Limited (PE), a Nigerian oil and gas service company. PE has a contract with NNPC, the Nigerian state-run oil and gas firm.
In addition, NXT has been paid almost two thirds of the total $8.9 million contract fee based upon milestones completed.
George Liszicasz, President, and CEO of NXT said in the company’s Q2 results that it also discussed the potential utilization of SFD® technology in the NNPC’s future exploration programs based upon the successful correlations of SFD® with NNPC’s proprietary seismic data.
“During the last week of July, a detailed comparison of SFD® data with Department of Petroleum Resources’ (DPR) proprietary seismic data was carried out over the near-shore SFD® Pilot Project area designed by DPR. The results are very encouraging which may lead to new SFD® survey opportunities in Nigeria. Again, I want to thank NXT’s hard-working employees and PE Energy Limited for executing on a successful SFD® project,” Liszicasz said.
He went on to say that the NXT team had just completed a three-week trip which started with data integration and presenting results in Nigeria and ended in Beijing. Liszicasz said in Beijing the company “built upon our strengths in the West African region through conversations in Beijing with BGP and affiliates. BGP is the largest seismic company in the world with a significant presence in Africa.”