Homeland expects that positive results from this seismic data will result in upwards of 50 new drill locations for the company and its partners.
The company said that the processing and digital modeling of data received from the program is already underway.
According to the company, initial evaluation indicates the program has been successful and the company reports that potential site assessments look promising.
The strategic purpose of the 3D seismic program is to locate numerous new oil fields across the entire land position and fully exploit the proprietary data to develop the new discoveries.
Based on the results of the analogous periphery fields, these closures is expected to produce oil with recoveries in excess of 600 barrels of oil per acre foot with initial production in excess of 200 hundred barrels of oil per well/per day.
