Province commits large incentive package to bring resource company to P.E.I.

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A Scottish company with technology that can find underground minerals and energy resources has decided to make Prince Edward Island its Canadian home.

Adrok uses electromagnetic beams to penetrate rock, seawater and earth in order to survey for natural resources.

This patented technology offers companies the ability to search for oil, gas and minerals without the damaging effects of exploratory drilling.

On Monday, Adrok announced it has chosen P.E.I. as its Canadian base of operations.

“We were in Alberta last week and there were a lot of eyebrows raised when we said we were based in P.E.I. because they all thought they’ve got the oil so we should be there, but actually the province of P.E.I. has got everything we need to grow as a company,” said Alan Goodwin, vice-president of operations for Adrok.

“We’ve had lots of support, the people here have been fantastic in terms of setting up our economic plans and our financial plans, so that’s been very supportive,” said managing director and co-founder Gordon Stove.

The provincial government has committed $11,000 as part of a rental incentive together with a labour rebate that could reach $201,000 if the company reaches its target of hiring six Island employees by the end of 2015.

Innovation Minister Allen Roach said the province is excited by the work that Adrok performs and was only too happy to help the company set up shop in Charlottetown.

“We see that there’s great opportunity for that type of business here in North America,” Roach said.

“They’ve proven their product in other countries around the world. They came to Canada, they looked at various locations, they chose to come to Prince Edward Island and we’re extremely pleased with that.”

Adrok will provide a base to service existing clients in the region as well as developing business within Canada’s booming mineral exploration industry.

The new base will create six jobs for geophysics and field technicians who will gather and analyze data on site before sending it back to the company’s Edinburgh headquarters for further analysis.

There will also be a sales and marketing function in order to build a client base in the region.

Stove said his company’s low-power multi-frequency radio wave technology allows it to probe subsurface areas offers prospective developers the ability to identify lucrative underground or underwater resources in more environmentally sensitive way.

It also costs significantly less than normal drilling costs for test wells.

Adrok’s decision to base its headquarters in the province was not necessarily linked to a desire for oil or gas surveying in Prince Edward Island.

But Stove did say the company would be willing to do some exploratory work here.

“We plan to develop our offshore capability here in the Maritimes. In the east coast of Canada there’s great opportunities to find more sources of energy,” Stove said.

“I think certainly that Minister Sheridan will be interested in what this company has to offer, and if we do look for things in P.E.I. then we have the company here,” Roach added.

Adrok conducted its first commercial exploration in 2007 in Morocco and has since used its patented technology to assist energy and mineral exploration in the North Sea, Europe, North America, Australia and Asia.

Geographic location: Prince Edward Island, Canada, Alberta North America Charlottetown Edinburgh Morocco North Sea Europe Australia Asia

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