By OGJ editors
HOUSTON, July 26
– Quebec extended St. Lawrence Lowlands and Lower St. Lawrence-Gaspe exploration licenses held by Petrolympic Ltd., Toronto, and Ressources & Energie Squatex, Brossard, Que., for 10 years to 2019.

The companies plan to shoot seismic in mid-2010, and will drill two wells to test the Utica shale outside lands held jointly with Canbriam Energy Inc., Calgary, but within a zone of favorable total organic carbon. A third well is planned to test the conventional shallow gas play in the autochthonous carbonates platform south of Montreal.

Petrolympic, in discussions to increase its ownership of some of the jointly owned permits in the lowlands, seeks a partner to drill a 1,500-m well in the Lower St. Lawrence-Gaspe region, particularly in the Ste-Irene area. This spot was chosen to test the presence of light oil in a complex fractured zone near a major fault in the Devonian Forillon formation.

Squatex and Petrolympic have acquired and integrated all data acquired since 2001; including seismic, satellite photo mapping, aeromagnetic, gravity, radiometry, geochemistry, and geological sampling surveys. Squatex plans to drill two deeper stratigraphic tests.

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