Junex to Drill the First Horizontal Well in Eastern Quebec
02 July 2014 - 10:45PM
Marketwired
Junex to Drill the First Horizontal Well in Eastern Quebec
QUEBEC CITY, QUEBEC--(Marketwired - Jul 2, 2014) - Junex Inc.
(TSX-VENTURE:JNX) ("Junex" or the "Company") is pleased to announce
that it has received a drilling permit from the Quebec government
for the drilling of Junex's first horizontal well on its Galt Oil
Property, that is situated in a sparsely populated region
approximately 20 kilometers from the town of Gaspé in eastern
Quebec.
The Junex Galt No. 4 Horizontal well, the first of a series of
horizontal wells planned for the next phase of the project, will be
drilled by Junex's Foragaz No. 3 drilling rig from the existing
Junex Galt No. 4 vertical wellbore towards the Galt No. 3 well in
the Forillon Formation. The Junex Galt No. 4 vertical well drilled
in 2012, that will serve as the vertical pilot hole portion for
this horizontal wellbore, encountered a 241 meter-thick fractured,
oil saturated carbonate sequence in the Forillon Formation.
Based on a number of in-depth studies performed by Junex and
independent experts over the past two years, the Junex Galt No. 4
Horizontal wellbore trajectory is designed to optimally intersect
the maximum number of open, near-vertical, natural fractures in the
Forillon. ''Having invested a great deal of effort on this project
since our company was founded, we are now proceeding to the next
phase of horizontal drilling with the goal of further confirming
the project's potential and the hope of ultimately commencing
commercial oil production." commented Mr. Peter Dorrins, Junex's
President & Chief Executive Officer.
"We view our Galt Oil Property as being the most advanced oil
project in Quebec in terms of geological and engineering knowledge,
delineation of the structure, number of wells drilled and resource
potential. Based on publicly disseminated information, our project
contains the largest Discovered Contingent Oil Resource potential
and Undiscovered Prospective Oil Resource potential established so
far on the Gaspé Peninsula by independent evaluators." continued
Mr. Dorrins.
With this drilling permit in-hand, Junex is proceeding with the
contracting of other specialized services and equipment as well as
the acquisition of materials that are required for this horizontal
well. The Company forecasts starting drilling operations in the
late summer or early autumn.
Subject to appropriate financing, this next phase of operations
on the Galt Oil Property is planned to consist of:
- The drilling of the Galt 4 Horizontal well (drilling permit
obtained);
- The drilling of the Galt 5 Horizontal well (drilling permit
request submitted);
- The acquisition of 3D seismic data, and;
- The drilling of the Galt 6 & 7 Horizontal wells whose
locations will be chosen based on 3D seismic data and results of
the Galt 4 and 5 Horizontal wells.
Junex holds a 69.6 % interest in the Galt Oil Property and 100%
interest in the adjacent acreage. The adjacent 100% Junex acreage
has not yet been independently evaluated for its resource
potential.
Netherland, Sewell & Associates, Inc., ("NSAI"), a firm of
worldwide petroleum consultants based in Texas, has previously
established their Best Estimate of the total Oil-Initially-In-Place
("OIIP") resources for the Forillon and Indian Point formations on
Junex's Galt Oil Property at 330 million barrels that includes
Discovered Contingent OIIP volumes of 36 million barrels and
Undiscovered Prospective OIIP volumes of 294 million barrels (see
press release from March 27, 2013 for details of the NSAI
report).
About Junex
Junex is a junior oil and gas exploration company that holds
exploration rights on approximately 5.2 million acres of land
located in the Appalachian basin in the Province of Quebec. The
company is in the heart of the Utica Shale gas discovery located in
the St. Lawrence Lowlands and holds a significant land-package on
the Anticosti Island where an independent report has provided their
Best Estimate of the undiscovered shale oil initially-in-place
("OIIP") volume for the Macasty Shale on all five of Junex's
permits on Anticosti Island at 12.2 billion barrels. In parallel to
its exploration efforts in Quebec and expansion of its exploration
activities elsewhere, the company operates a drilling services
division.
Forward-Looking Statements and Disclaimer
Certain statements in this press release may be forward-looking.
Forward-looking statements are based on the best estimates
available to Junex at the time and involve known and unknown risks,
uncertainties and other factors that may cause Junex's actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. A description of the
risks affecting Junex's business and activities appears under the
heading "Risks and Uncertainties" on pages 8 to 11 of Junex's 2013
annual management's discussion and analysis, which is available on
SEDAR at www.sedar.com. No assurance can be given that any events
anticipated by the forward-looking information in this press
release will transpire or occur, or if any of them do so, what
benefits that Junex will derive therefrom. In particular, no
assurance can be given as to the future financial performance of
Junex. Junex disclaims any intention or obligation to update or
revise any forward-looking statements in order to account for any
new information or any other event. The reader is warned against
undue reliance on these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Junex Inc.Mr. Peter DorrinsPresident & Chief Executive
Officer418-654-9661Junex Inc.Mr. Dave PepinVice President -
Corporate Affairs418-654-9661
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