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Pulse Oil shares pump up as it acquires 50-year seismic data licence for Queenstown assets

The data covers 15,360 acres (62 sq km) and encompasses the core of Pulse's Queenstown assets

Pictured are the firm's Queenstown assets in Alberta

Growing small cap producer Pulse Oil Corp (CVE:PUL) says progress at the Queenstown assets in Alberta have been boosted as it has bought  a 50-year seismic data license.

The data covers 15,360 acres (62 sq km) and encompasses  the core of Pulse's Queenstown assets targeting light sweet oil.

Pulse shares are up 5% to  C$0.26 at the time of writing.

READ: The dream team behind Canada’s Pulse Oil may have a potential 10-bagger

"This was a critical acquisition for us as we have seen the benefit of the AVO work we performed on the Milo 3D earlier this year," said Pulse president Drew Cadenhead.

"Now that we have unlimited access to the data for the future, we can use the seismic and AVO work to directionally drill in the most prospective reservoir rock throughout the entire horizontal portion of our wells.

"We are pretty excited to use this new AVO data to steer our wells right down the heart of the sweet spots and build a successful long-term light-oil growth opportunity for Pulse at Queenstown."

The junior oil firm recently bought the Bigoray 3D seismic data set, so this purchase is critical for Pulse's Queenstown drilling program, which consists of at least 20 drill-ready prospects, with the first well planned for the fourth quarter of 2018, it noted.

"Cash flow from current production is anticipated to fund these operations."

READ: Pulse Oil eyeing new production and cashflow from Queenstown assets after geotech study

At Queenstown, the Milo 3D seismic data set was recently tested with Pulse's advanced Amplitude versus Offset (AVO) work that tied in accurately, the seismic data to the "sweet spots" in its existing horizontal wells.

This work led to the identification of eight high-graded targets.

At Queenstown, Pulse has 48 sections in  shallow areas oil and liquids rich, in which it has 100% working interest.

Pulse shares added 4% to stand at C$0.36 each.

Quick facts: Pulse Oil Corp

Price: 0.03 CAD

Market: TSX-V
Market Cap: $4.55 m

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