New seismic survey to uncover Magdalen basin potential

Gastem is undertaking a 100-sq-km (39-sq-mi) gravity survey on and near the Magdalen Islands offshore Canada.

Offshore staff

MONTREAL, Canada -- Gastem is undertaking a 100-sq-km (39-sq-mi) gravity survey on and near the Magdalen Islands offshore Canada. The gravity program will be executed by Excel Geophysics and is due to begin at the end of May.

The Magdalen Islands permit is situated in the Magdalen basin in the lower section of the Gulf of St. Lawrence and hosts several extensive diapir structures (salt domes), the company says. The gravity data acquired by the survey will complement the existing geophysical database for the Islands, as well as more accurately identify a favorable area for the continuation of the company's proposed exploration program.

Since last summer, Gastem has completed an in-depth review and study of the basin. The primary goal was to evaluate the geological, geophysical, and geochemical work (including various drill programs) previously completed in the Magdalen basin and to estimate the natural gas potential of the Magdalen Islands. For this study Gastem acquired and reprocessed 143 km (89 mi) of seismic data shot over the Magdalen Islands from the 1970s and 2002.

"Our review has confirmed that the natural gas potential in the basin and specifically the Magdalen Islands appears to be excellent," says Raymond Savoie, chairman and CEO of Gastem. "As we move forward with the important Utica Shale drill program in the St. Lawrence Lowlands with Canbriam Energy this summer, the Magdalen Islands project is shaping up to be a high impact area for Gastem's development."

05/22/2009

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