All of the company’s assets are situated in Yukon. Northern Cross is the majority working interest owner and operator of three Significant Discovery Licenses (SDL’s) located in the Eagle Plain basin of northern Yukon. These SDL’s are a legacy of historical exploration drilling success that occurred primarily between 1959 and 1972. There are a total of four suspended oil and/or natural gas wells on the SDL's. In addition to the SDL’s, Northern Cross is the 100% working interest owner and operator of 15 exploration permits located at Eagle Plain comprising about 1.3 million acres of oil and natural gas mineral rights. These exploration permits have capital spending requirements to satisfy in order to continue land tenure.
In the late 1990’s, Northern Cross undertook field work to evaluate the integrity and productive capability of three oil wells situated on SDL 22, also referred to as "Chance". This work was performed to help understand the quantity and quality of the crude oil resources at Chance as part of a larger plan to potentially develop the oil resource to serve Yukon markets. Poor economic conditions in the Yukon at the time and inconclusive results from the evaluation deferred the decision to proceed to development indefinitely.
More recently, in exchange for capital spending commitments totalling over $20 million, the Yukon Government awarded 15 exploration permits to Northern Cross. In 2012 and 2013, Northern Cross executed a major exploration program and drilled four wells: McParlon A-25, East Chance E-78, West Chance H-28 and Ehnjuu Choo B-73. Following the drilling program, 325 square kilometers of 3D seismic and 25 kilometers of new 2D seismic were successfully acquired during the winter of 2013 and 2014.
Using the seismic data, Northern Cross plans to continue exploration by drilling up to 20 exploratory wells within the area of the 3D seismic program. The next phase of exploration work is in the adequacy review stage of Yukon Environmental and Socio-economic Assessment Board’s Designated Office Evaluation Process (YESAB Website). Depending on the outcome of this assessment and the conditions in the various permits that are needed to be able to pursue the proposed plan, the next phase of exploration drilling will begin.
Northern Cross will conduct its activities in a manner that is safe and environmentally responsible. Equally important, Northern Cross has a code of conduct that requires honesty, inclusivity and acknowledgment of the diverse ethnic and cultural nature of the company and the region in which it operates. Operations will be conducted to a standard that is in full compliance with Yukon regulations and laws.