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BIGWAVE PROJECT: ANALOG TO CARDIUM & BAKKEN
The Bigwave project has reservoir characteristics comparable to the Cardium and Bakken formations, leading unconventional oil resource plays in the Western Canadian Sedimentary Basin.
- Galileo is testing an unconventional oil play on a major Cretaceous oil & gas source and producing interval of the Colorado Group of rocks
- Offers exposure to light oil, estimated at 5 to 10 million barrels (mmbbl) of original-oil-in-place (OOIP) per section
- First horizontal well drilled & cased for CAD$1.3 million
- The next phase - completion of well, frac and reservoir testing - budgeted at CAD$1.0 million
- Potential horizontal drilling locations on joint venture lands could reach 70
- Tremendous discovery and production leverage
- Alberta royalty program: Maximum of 5% royalty in the first year or 50,000 barrels of production on all new horizontal wells
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