Saturn Minerals Inc. (TSXV: SMI.V) completed the interpretation of the latest seismic data with three additional lines on the Bannock Creek property in eastern Saskatchewan, the company said Feb. 10.
The lines now total 60 kilometers, the company said.
The new seismic data was incorporated with Saturn's existing geophysical model for the project, which identifies and confirms closure for potential light oil traps in the stacked Red River, Winnipeg and Deadwood formations of the Northeastern Williston Basin.
The data confirmed the anticlinal four-way closure of a drillable prospect on the property, the company said. The closed-fault structure is at least 480 acres in area, and could contain up to 38 million barrels in place from the three targeted reservoirs. Saturn plans to drill and complete the first exploration well at less than 1,000 meters total depth. The permitting and licensing process for the well is underway, the company added.
Additionally, Saturn said that more data is needed to confirm closure on the 1,920-acre Ordovician structure on the Bannock Creek property.
Calgary, Alberta-based GeoStrata Resources Inc. was retained to complete the seismic program and Shadow Energy Inc., also based in Calgary, was retained for interpretation.
A third seismic program is underway with Geostrata on the company's Little Swan property.
Saturn Minerals Inc. is based in Vancouver, British Columbia.
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