Appia Energy Corp. recently announced a major breakthrough related to its Target IV property located near Sherwood Park, Alberta. According to the statement, an independent technical report concluded that the Target IV site contains an estimated 1.85 million acres of total surface area. This is an increase from the previously estimated 1.25 million acres earlier this year.
The new data was made possible by the utilization of a multispectral imaging system that was used to conduct further surface mapping at the site. Appia Energy Corp. claims that the imaging system has enabled them to gain more accurate information on the features and extent of the Target IV area.
The benefits of this news are twofold. First, the revised area can potentially yield the same amount of oil, gas, and minerals as the original estimate, but at a higher yield. This could potentially result in increased profits for Appia Energy Corp. Second, the use of the new system for prospecting will provide the company with more accurate data to use in their potential development of the land.
Regardless of the implications, Appia Energy Corp. is pleased to have achieved this milestone at Target IV. While the results of the new mapping are not to be taken as a guarantee of future yield, the company believes that the revised information is a step in the right direction for the exploration and development of the Target IV property. With a higher total area, the company is confident that the Target IV property has the potential to become an even greater producer than it was initially projected to be.