Labrador

Investcan Energy Corp. began shooting seismic on Exploration License 1107 in the Hopedale basin off Labrador.

Aug. 30, 2010

By OGJ editors
HOUSTON, Aug. 30 – Investcan Energy Corp. began shooting seismic on Exploration License 1107 in the Hopedale basin off Labrador.

The program consists of 3,000 line-km of 2D seismic and will extend over the entire 236,000 ha of the license.

Investcan has the right to earn a 20% working interest in the license from Vulcan Minerals Inc., St. John’s, by solely funding 100% of the cost of a 2D seismic survey on the license to a limit of $8.2 million by Dec. 1, 2010. The current seismic program is being conducted pursuant to that agreement.

Assuming that Investcan earns its 20% working interest, Vulcan will retain a 30% working interest in EL 1107.