N.S. company looking for Gulf of St. Lawrence oil
A Halifax-based company is stepping up its effort to find oil in the Gulf of St. Lawrence, west of Newfoundland.
Corridor Resources Incorporated is looking for oil in an area between Newfoundland's southwest coast and Quebec's Magdalen Islands.
The company expects to find a lot of oil and gas in an area, or prospect, known as Old Harry.
"Estimates in the nearest zone about 70 kilometres away would give the prospect the capacity to hold two billion barrels of oil," said Corridor Resources president, Norm Miller.
The company is planning to do a site survey this coming summer to prepare for an exploratory well on the eastern end of the area.
The company has rights to a parcel of land in the Quebec area of the gulf but is not exploring it now.
"Well as it now stands Newfoundland has an accord with Canada. So you can carry out exploration. In Quebec, there is no accord as of yet. So everything on the Quebec side of the Gulf is in moratorium at the present time and you cannot proceed with exploration there," said Miller.