By John Lee.
Canadian independent oil company Blue Sky Energy Inc. has announced that it has commissioned an independent resource evaluation report that summarizes and updates resource volumes on its first prospect, the North Salah ad Din field, which it describes as "a historical discovery within its license area recently acquired in Iraq".
According to a statement from the company, "the field, which was discovered in 1935 through drilling of a well by the British Oil Development Co. encountered highly fractured and porous limestone formations with heavy oil (asphalt) shows."
Mr. Neil Said, Vice President, commented:
"This license is within a prolific oil basin that has seen exploitation since the 1930s. We look forward to the opportunity to develop these resources."
The company did not mention the name of the company producing the report.
Blue Sky Energy recently acquired the stake from Sonoro Energy. The primary contract, an Asphalt License Agreement signed in 2010, has been under Force Majeure since July 2013 due, at the time, to the deteriorating security situation.
(Source: TSX Venture Exchange)