Anticosti
Company profile

EXPLORING TO MAKE THE RIGHT CHOICE

Anticosti Hydrocarbons L.P. is a limited partnership created to develop oil and gas on Anticosti Island. The partners are Ressources Québec, Pétrolia Inc., Saint-Aubin E&P (Québec) Inc., and Corridor Resources Inc. Our primary objective is to demonstrate the commercial viability of oil and gas resources on Anticosti Island and to produce them. 

To achieve this, Corridor Resources Inc. and Pétrolia Inc. pooled their Anticosti Island exploration licenses and transferred them to the limited partnership. On March 31, 2014, the four partners signed a partnership agreement on these 38 licenses, which cover a total area of 6,195 km². For their part, Ressources Québec and Saint-Aubin E&P agreed to finance an exploration program of up to $100 million. In 2011, Sproule Associates Limited established a best estimate of 33.9 billion barrels of oil equivalent (P50) in undiscovered resources for the licenses held.

Partnership composition:

  • Ressources Québec (Investissement Québec subsidiary): 35%
  • Pétrolia Inc.: 21.67%
  • Saint-Aubin E&P (Québec) Inc. (Maurel & Prom and MPI subsidiary): 21.67%
  • Corridor Resources Inc.: 21.67%

The combined expertise of our partners will enable us to implement a hydrocarbon exploration program that meets the highest industry standards for health, safety, and respect for community. Pétrolia Anticosti, a subsidiary of Pétrolia, has been appointed contract operator and Saint-Aubin E&P assistant technical operator.

The exploration program at a glance

The exploration program will be conducted in two phases at a maximum cost of $100 million. To finance this initial $100 million, Ressources Québec will invest up to $56.7 million and Saint-Aubin E&P up to $43.3 million.

For the first phase, we will drill 15 to 18 coreholes in 2014, followed by 3 fracking test wells in 2015. This initial phase is budgeted at between $55 and $60 million.

Assuming that results are positive, a decision to start the production or not will be taken by the board of director. If additional works are required, the first $40-45 million will be paid by Ressources Québec and Saint-Aubin E&P.