The Calgary-based oil and natural gas producer said the seismic data set is a critical component of the three-phase petrotechnical modelling of the Bigoray Nisku D and E pools. A contract was recently awarded to Schlumberger Canada Ltd. to complete these phases.
"Making this acquisition of existing 3-D seismic, rather than acquiring new seismic, will result in substantial savings and, as previously mentioned, will allow Pulse to make the right parametric decisions in our EOR (enhanced oil recovery) program,” said president and chief operating officer, Drew Cadenhead.
“This is critical to maximizing the value of this project for our shareholders, making sure we have done all we can to ensure successful, long-term maximum recovery of the proven oil in place within our Nisku oil pools."
Shares were down 2.50% to C$0.20 on Monday afternoon.