NXT provides final update on Bolivia survey project

Canada-based NXT Energy Solutions Inc. recently gave an update on its SFD survey project in Bolivia with Yacimientos Petroliferos Fiscales Bolivianos (YPFB), Bolivia's national oil company.

Data acquisition operations of SFD began June 8 and were recently completed. The survey aircraft and crew employed by the company have returned to Canada, and a final recommendations report from NXT is expected to be delivered by the end of October.

While data acquisition was happening, YPFB increased the scope of the project by about $900,000 for various reasons, including analysis of correlations between anomalies identified by SFD and existing ones discovered using seismic methods. This increased the contract to $13.9 million, though a final contract addendum has not yet been issued by YPFB.

After data acquisition wrapped up in July, a progress billing of $5.1 million was issued, and payment for that billing has already been received by NXT Energy's branch in Bolivia. To date, $7.7 million for the project has been paid.

"We are very pleased with our success in obtaining the initial and follow-on projects for YPFB and its affiliated companies," George Liszicasz, president and chief executive officer of NXT Energy, said. "This is a strong validation of our client's belief in the value of our SFD(r) service in rapidly identifying and high-grading their exploration prospects. We expect the project will be complete in early October and look forward to working with YPFB on new projects in 2016 and beyond. In addition to the Bolivia project we continue pursuing opportunities in Latin America, Asia, Africa and the Middle East." 

NXT offices moved into Calgary on Aug. 25. The company's survey system uses quantum-scale sensors to detect gravity-field perturbations in an airborne survey method that can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs.

"The SFD(r) survey system enables our clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential," information on the NXT website said. "SFD(r) is environmentally friendly and unaffected by ground security issues or difficult terrain. NXT Energy provides its clients with an effective and reliable method to reduce time, costs and risks related to exploration."