Polar Petroleum Corp., Anchorage, has signed a charter agreement seismic data use license with ConocoPhillips and ConocoPhillips Alaska Inc. to purchase a license for the use of 2D geophysical data related to the Alaska North Slope.
The agreement covers a total of 7,120.16 line-miles of seismic data across 495 lines from a total of 32 surveys. Among the surveys are 1968-69 Prudhoe Bay, 1970 North Prudhoe Detail/ARCO, 1971 Shell Shallow Water Group, and 1972 North Slope/Mobil.
The license agreement outlines terms whereby Polar Petroleum may make the seismic data available to consultants for the purpose of preparing interpretations and the like for Polar’s exclusive internal use.
The agreement also outlines terms under which Polar Petroleum may show the seismic data to prospective investors, lenders, and participants in farmouts, development proposals, and prospective participants in joint acquisitions of acreage for the sole purpose of evaluating their participation in such ventures.
Polar Petroleum Pres. and Chief Executive Officer Daniel Walker said, “Access to this breadth of quality seismic data will help our exploration and business development activities. Our next step will be to further analyze the data in order to determine the insights it can provide for our ongoing development plans for our three North Slope region projects.”
Polar Petroleum’s Franklin Bluffs project overlies the three source rocks thought to represent potential unconventional shale oil on the North Slope. Test drilling in the vicinity has met expectations for finding oil in the source rocks, the company said.
The company’s Hemi Springs project is estimated to potentially represent 558 million bbl of recoverable oil.
The company’s North Point Thomson project lies along the northern border of ExxonMobil’s Point Thomson Unit and is 8 miles northeast of the producing Badami Unit.
Polar’s projects comprise 29 leases and about 66,061 acres and are strategically positioned between many of the major players of the oil and gas industry and the necessary infrastructure to bring hydrocarbons to market.