XCD completes Peregrine ground survey, ERCE to do independent resource report

Kay Cashman

Petroleum News

XCD Energy said Oct. 9 that it has finished its summer archaeological ground survey for its Peregrine project, which is on 149,590 acres in the National Petroleum Reserve-Alaska.

XCD describes itself an oil exploration company focused on early stage exploration assets.

The ground survey is an “important ingredient” in the independent prospective resource report which the Alaska-focused Australia based oil junior commissioned with ERC Equipoise Pte Ltd, or ERCE. The report is expected to be finalized in late October.

“Valuable data was collected from the survey and is now being collated and documented to ensure any areas of cultural, historic or archaeological significance are identified,” XCD said.

The ground survey, the company said, had to be done in the summer and was required before XCD could permit “future on-ground operations,” including seismic and drilling.

“Completion of the field work during the 2019 summer was critical to allow the company to commence operations in the 2019/20 winter season should the opportunity arise. The engagement of ERCE to undertake the independent prospective resource report is another step towards achieving the objectives we set ourselves this calendar year and will set the company up well to commence a farm-out campaign later this year,” XCD’s Managing Director Dougal Ferguson said.

With the survey done, XCD said its attention will shift back to its integrated Nanushuk technical regional overview project, which is nearing completion.

- KAY CASHMAN