NXT Energy Solutions Inc. advises that based on the preliminary results of its SFD® survey project which is underway in Bolivia, and integration with other existing geophysical data, Yacimientos Petrolíferos Fiscales Bolivianos has decided to expand the project by an additional US $1.0 million. The project will now total US $14.4 million, with the expansion subject to final contract documentation that is expected to be completed shortly.
The SFD® data acquisition portion of the Bolivia project is well underway, with its phase 2 expected to be completed in the next month, after which a 50% project progress billing of US $7.2 million will be issued. An initial deposit of US $3.1 million (secured by a letter of credit issued by NXT Energy) was received from YPFB in May at the commencement of the project. The related SFD® data interpretation and recommendations portion of the project is expected to be completed by fall 2015.
In a press conference in Bolivia announcing the prior commencement of this project, YPFB President, Guillermo Acha had stated:
'The final results of this project will be delivered in November, however, this technology has the capacity to produce earlier results, and based on those, technical decisions could be made in the exploration areas investigated. Thanks to this method we will be able to identify potential new oil and gas reserves.'