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Prospective resources are defined as those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective resources are further
subdivided in accordance with the level of certainty associated with recoverable
estimates assuming their discovery and development and may be sub-classified based
on project maturity. Prospective resources have both an associated chance of discovery
(geological chance of success) and a chance of development (economic, regulatory,
market, facility, corporate commitment or political risks). The chance of commerciality
is the product of these two risk components. The prospective resource estimates
referred to herein have not been risked for either the chance of discovery or the chance
of development. There is no certainty that any portion of the resources will be
discovered. If discovered, there is no certainty that it will be commercially viable to
produce any portion of the resources.
The Low Estimate represents the P90 values from the probabilistic analysis (i.e. the
value is greater than or equal to the P90 value 90% of the time), while the Best Estimate
represents the P50 values and the High Estimate represents the P10. Actual resources
may be greater or less than those calculated.
51-101 Compliant Resource Assessment
SUMMARY OF EVALUATION
3 Author:
PROJECT LOCATION
SHOAL
POINT
4
SHOAL POINT ENERGY Exploration Licences #1070 and #1120
5
Wells to be drilled
from onshore
surface locations
utilizing multi well
Pads for Stage 1
Development
Program
Shoal Point is
operator and
representative of
EL 1070 and has
certain farm-in
rights on EL 1120
STEPHENVILLE PORT: Access to Brent Pricing
6
Year round deep sea port and airport
30 km. from Shoal Point
SUMMARY OF DRILLING HISTORY
Total wells: Approximately 17
Historical Era:
– Approximately 11 shallow wells (1898 – 1933)
• Produced 10-20 BOPD
• Drilled to 51 – 366 meters TD
Modern Era:
– 6 deeper wells drilled (1996 – 2012)
– Lacked current drilling and completion technology for shales
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Satellite Seep
Identification
Seeps: Evidence of Active Petroleum System
Oil and
Gas seeps,
Oil Stained
Outcrops
Surrounding
The Bay Gas
Seep
Oil Seep One
Mile South of
3K Well
Fox Is.
SHOAL POINT FIELD
ATTRIBUTES
Project Comprised of Unconventional & Conventional Reservoirs
Unconventional Reservoir - Green Point Shale
– Large Volume of OOIP With Best Estimate Prospective Recoverable Resources of 428 MMBO
– Thick Section of Reservoir Pay & Large Areal Extent
– Black Oil System Confirmed By Production And Outcrop Seeps
– Natural Fractures Should Enhance Productivity. Potentially Producible Without Massive Fracture Stimulation
Conventional Reservoirs
– Numerous Prospective Conventional Clastic and Carbonate Reservoirs Interlayered with Green Point Shales
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SHOAL POINT FIELD
ATTRIBUTES
• Extensive shale formation with thickness ranging from 1000 – 3000 metres
• Pad Drilling To Be Utilized To Minimize Drilling Costs and Surface
Footprint – wells drilled from onshore to offshore
• Low Canadian dollar costs
• Tidewater play with access to nearby deep sea port
• Canada allows exports, Brent pricing currently 20% higher than WTI
• Governmental Agencies Have a High Degree of O&G Expertise
• Local Upstream Workforce Available
• Moderate Weather Conditions 9 months of the year
• Modern Drilling and Completion Methods Yet To Be Applied
10
GLOBAL ANALOGOUS
PROJECTS
Based Upon Geological or Operational Parameters:
• Alberta Montney Shale
• North Dakota Bakken Shale
• Ohio-Pennsylvania Utica
• Tuscaloosa Marine Shale
• Mexico’s Pemex – Yucatan Projects
• Argentina’s Vaca Muerta
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RESERVOIR GEOLOGY
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RESERVOIR GEOLOGY
13
RESERVOIR GEOLOGY
Stratification of
Potential
Conventional
Reservoirs With
Source Shales
Provides a
Favorable Analogy
with the
Monterrey &
Sprayberry-
Wolfcamp
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15
NuTech EVALUATION Green Point Shale
2K-39 Reservoir Summary
(1300+ meters)
0
0.02
0.04
0.06
0.08
0.1
0.12
0.14
0.16
0.18
0.2
600.
2
618.
2
636.
2
654.
2
672.
2
690.
2
708.
2
726.
2
744.
2
762.
2
780.
2
798.
2
816.
2
834.
2
852.
2
870.
2
888.
2
906.
2
924.
2
942.
2
960.
2
978.
2
996.
2
1014
.2
1032
.2
1050
.2
1068
.2
1086
.2
1104
.2
1122
.2
1140
.2
1158
.2
1176
.2
1194
.2
1212
.2
1230
.2
1248
.2
1266
.2
1284
.2
1302
.2
1320
.2
1338
.2
1356
.2
1374
.2
1392
.2
1410
.2
1428
.2
1446
.2
1464
.2
1482
.2
1500
.2
2K-39 PhiE
17
0.01
0.1
1
60
0.2
6
18
.2
636.
2
65
4.2
6
72
.2
69
0.2
7
08
.2
72
6.2
7
44
.2
76
2.2
7
80
.2
79
8.2
8
16
.2
834.
2
85
2.2
8
70
.2
88
8.2
9
06
.2
92
4.2
9
42
.2
96
0.2
9
78
.2
99
6.2
1
01
4.2
10
32.2
1
05
0.2
1
06
8.2
1
08
6.2
1
10
4.2
1
12
2.2
1
14
0.2
1
15
8.2
1
17
6.2
1
19
4.2
1
21
2.2
12
30.2
1
24
8.2
1
26
6.2
1
28
4.2
1
30
2.2
1
32
0.2
13
38.2
1
35
6.2
1
37
4.2
1
39
2.2
1
41
0.2
14
28.2
1
44
6.2
1
46
4.2
1
48
2.2
1
50
0.2
2K-39 PermSh (uD)
18
0
1
2
3
4
5
6
7
600.
2
617.
9
635.
6
653.
3
671
68
8.7
70
6.4
72
4.1
74
1.8
75
9.5
77
7.2
79
4.9
81
2.6
83
0.3
84
8
865.
7
883.
4
901.
1 91
8.8
936.
5 95
4.2
971.
9 98
9.6
1
00
7.3
10
25
10
42
.7
10
60
.4
10
78
.1
10
95
.8
11
13
.5
11
31
.2
11
48
.9
11
66
.6
11
84
.3
1202
1
21
9.7
1
23
7.4
1
25
5.1
1
27
2.8
1
29
0.5
1
30
8.2
1
32
5.9
1
34
3.6
1
36
1.3
13
79
13
96
.7
14
14
.4
14
32
.1
14
49
.8
14
67
.5
14
85
.2
15
02
.9
2K-39 TOC %
19
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
600.
2
617.
9
635.
6
653.
3
671
68
8.7
70
6.4
72
4.1
74
1.8
75
9.5
77
7.2
79
4.9
81
2.6
83
0.3
84
8
865.
7
883.
4
901.
1
918.
8
936.
5
954.
2
971.
9
989.
6
1007
.3
1025
10
42.7
10
60.4
10
78.1
10
95.8
11
13.5
11
31.2
11
48.9
11
66.6
11
84.3
12
02
1219
.7
1237
.4
1255
.1
1272
.8
1290
.5
1308
.2
1325
.9
1343
.6
1361
.3
1379
13
96.7
14
14.4
14
32.1
14
49.8
14
67.5
14
85.2
15
02.9
2K-39 OIP
MMBO/Sec
20
0
50
100
150
200
250
300
350
400
600.
2
620.
6
641
66
1.4
68
1.8
70
2.2
72
2.6
74
3 76
3.4
78
3.8
80
4.2
82
4.6
84
5
865.
4
885.
8
906.
2
926.
6
947
96
7.4
987.
8
1008
.2
1028
.6
1049
10
69.4
10
89.8
11
10.2
11
30.6
11
51
1171
.4
1191
.8
1212
.2
1232
.6
1253
12
73.4
12
93.8
13
14.2
13
34.6
13
55
1375
.4
1395
.8
1416
.2
1436
.6
1457
14
77.4
14
97.8
2K-39 Cum OIP
MMBO/Sec
2K-39 Cum OIP MMBO/Sec
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GEOPOLITICAL CHALLENGE
Hydraulic fracturing is on hold while a provincial review panel examines
potential economic benefits versus potential environmental impacts.
Panel is mandated to complete its review this year.
Panel composition: 5 persons, all with strong scientific backgrounds.
Shoal Point seeks a partner with a good track record of safe operations to help
with submissions to review panel and to help with community outreach efforts.
Deal: Structured as option to limit political risk while
gaining exclusive access to the play. Work program will be
negotiated, but not triggered until a positive geopolitical
result is achieved.
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