The Company acquired 90% of International Resource Strategies Liberia Energy, Inc. (“IRSLE”), a private company domiciled in Liberia, West Africa. IRSLE is the holder of the onshore reconnaissance license for the Roberts and Bassa basins.
This onshore reconnaissance license covers the 1,366 sq kms of the onshore coastal strip of Liberia lying within the known extent of the Roberts-Bassa Basin. Although there are no published studies of this basin, existing field and geological outcrop data produced by the US Geological Survey indicate that it is connected laterally and down-dip with the West African – Atlantic conjugate continental margin.
During the month of January, 2010, James Dick, supervised an exploration team that carried out an extensive oil seep survey over the most prospective portion of the onshore reconnaissance licensed area in Liberia, West Africa. The expedition included a ground crew of 25 geology students from the University of Liberia who in turn traversed a 125-square-kilometre area of rivers and tidal mangrove swamps, collecting and recording extensive data and samples.
At the conclusion of the oil seep search and after careful evaluation, consulting geologist Mr. Dick stated: "The high volatile oil associated with the seeps is positive indication of mature oil. The basin is either deep enough to have temperature and pressure levels capable of maturation or migration has come from offshore sediments."
The initial focus of the oil seep survey concentrated on two areas, the Marshall City area where oil seeps have been reported for several years, and the airport area where the company lacked anecdotal information, with the objective to confirm the previously indicated oil seeps and expand the area of proven oil seeps.
Oil seeps were found on all traverses (15) covering an area of about 125 square kilometres. Each sighting had numerous seeps in close proximity. Samples of water and soil were taken at each sighting and from pits offsetting seeps at the best seep in each area. Clay and sand were sealed in plastic bags and water samples were placed in sample bottles. Iridescent sheen and bubbles floating on water, bubbles from bottom in shallow water, identified the seeps and often there was kerosene smell. The hydrocarbon present is very volatile, disappears very quickly, was only seen entering fresh pits and is positive indication of mature oil.
While remaining active with its efforts in Liberia the Company continues to pursue other opportunities both along the Gulf of Guinea as well as throughout Africa (eg: Ghana, Ivory Coast, Angola, Mali, Democratic Republic of Congo, Nigeria, Somolia).
Katana Resources (Calgary) carried out the last known onshore exploration program in Liberia in 1980 by performing a $500,000 survey program to identify onshore targets for a drilling program. At this time, having discovered extensive oil seeps and determining the underlying geology conformed to that of a significant onshore oil basin supported an optimistic billion barrel resource target that was onshore, relatively shallow and comparable to the Gulf coast. However, due to civil unrest, Katana Resources was forced to abandon its planned drilling program.
James Dick, now a director for the Company and petroleum geologist was Katana Resources’ consulting geologist at this time. James has recently visited Liberia for the Company, has been to the basin and has verified and identified 15 oil seeps over 125 sq. kms.