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RTD prepares to drill as 3D seismic survey is completed
2 minute read
Rampart Energy Ltd (ASX: RTD) says a 3D seismic survey of its unconventional oil projects in the North Slope in Alaska has been completed on time and on budget with results expected soon.
Results of the seismic survey
RTD says its initial survey results have shown ‘excellent quality data’ which it says should lead to successful exploration of oil and gas in the area.
Torey Marshall, MD and CEO of RTD, says: “The preliminary results available... clearly highlight the key interpretable intervals such as the Brookian and HRZ packages, and near top Kingak Formation. We look forward to reporting on interim processing deliverables, and our early interpretation, in due course.”
The North Slope of Alaska is being explored by RTD for both conventional and unconventional oil. After signing an agreement with Royale Energy Inc last year to earn into its leases, RTD says exploration of the area is being supported by the State of Alaska’s incentive system. This means RTD will be reimbursed its exploration costs.
Following the full completion of the 3D seismic acquisition this year, two wells are scheduled to be drilled in 2015.
Growth of the RTD board
This year’s successes for RTD have been reflected in the growth of their board, with Gavin Harper being appointed as an Independent Non-Executive Director.
Harper has more than 38 years experience in the oil and gas industry and has lead teams in the UK, Australia, South Korea and China.
At the time of his appointment, Dr Ray Shaw, Chairman of Rampart, said “Gavin’s strong international business management experience is a very welcome addition to the Board, which with other recent changes, now bolsters its talent base to levels commensurate with market expectations of our future growth potential and intrinsic asset value.”
On 23rd of April 2014, RTD decided it was a good time to raise money and has set itself a target of $1M.
Investors need to be Australia-based and invited to purchase the shares. The details and risks involved in the investment are outlined in RTD’s prospectus.