NXT Energy Solutions Announces SFD Survey Contract
NXT Energy Solutions (TSX:SFD) (OTCQB:NSFDF) has secured a contract to provide an SFD® survey for an independent oil and gas exploration firm in Southeast Asia. Data collection will start in Q3 2024, with interpretations and recommendations due in Q4 2024. CEO Bruce G. Wilcox emphasized Southeast Asia's rapid economic growth and active exploration landscape, noting potential for further SFD® surveys with this and other companies in the region.
- NXT Energy Solutions secured a new contract for an SFD® survey.
- Operations for the new contract will begin in Q3 2024.
- Interpretations and recommendations will be delivered in Q4 2024.
- Potential for additional SFD® surveys with the same or new customers in Southeast Asia.
- Southeast Asia is highlighted as a fast-growing economic region with active oil and gas exploration.
- Project revenue details are not disclosed, making it difficult to gauge the financial impact.
- Operational and financial risks associated with entering a new market in Southeast Asia.
CALGARY, AB / ACCESSWIRE / May 22, 2024 / NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX:SFD)(OTCQB:NSFDF) is pleased to announce that it has entered into a contract to provide an SFD® survey to an independent oil and gas exploration company in Southeast Asia. Data acquisition operations for this contract are expected to commence in the third quarter of 2024, and NXT's interpretations and recommendations are expected to be delivered during the fourth quarter of 2024.
Bruce G. Wilcox, CEO of NXT, stated "Southeast Asia has emerged as one of the world's fastest-growing economic regions and is a very active exploration jurisdiction. There is great potential for additional SFD® surveys with this customer and other exploration companies active in this new region for NXT. The Company looks forward to working together with the customer's exploration team in order to execute the contract."
About NXT Energy Solutions Inc.
NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary airborne SFD® survey system, applied in numerous basins around the world, uses the principles of quantum mechanics to infer stress anomalies of exploration interest. The method can be used both onshore and offshore to remotely identify areas conducive to fluid entrapment in order to recommend areas with commercial hydrocarbon and/or geothermal potential. The SFD® survey system enables our clients to focus their exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD® is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.
Contact Information
For investor and media inquiries please contact:
Eugene Woychyshyn
Vice President of Finance & CFO
302, 3320 - 17th AVE SW
Calgary, AB, T3E 0B4
+1 403 206 0805
nxt_info@nxtenergy.com
www.nxtenergy.com
Michael Baker
Investor Relations
302, 3320 - 17th AVE SW
Calgary, AB, T3E 0B4
+1 403 264 7020
nxt_info@nxtenergy.com
www.nxtenergy.com
Forward-Looking Statements
Certain information provided in this press release may constitute forward-looking information within the meaning of applicable securities laws. Forward-looking information typically contains statements with words such as "anticipate", "believe", "estimate", "will", "expect", "plan", "schedule", "intend", "propose" or similar words suggesting future outcomes or an outlook. Forward-looking information in this press release includes, but is not limited to, information regarding: the expected timing of the acquisition, interpretation and recommendations of the SFD® survey and new business opportunities in Southeast Asia. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Risk factors facing the Company are described in its most recent Annual Information Form for the year ended December 31, 2023 and MD&A for the three months ended March 31, 2024, which have been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR+") located at www.sedarplus.ca. The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
SOURCE: NXT Energy Solutions, Inc.
View the original press release on accesswire.com
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