Quebec: Gaspe exploratory venture formed

French companies Etablissements Maurel & Prom and MPI have formed a 50-50 partnership with Petrolia, Rimouski, Que., to explore 13 licenses totaling 1,892 sq km owned by Gastem Inc., Montreal, in the Gaspe Peninsula of Quebec.

French companies Etablissements Maurel & Prom and MPI have formed a 50-50 partnership with Petrolia, Rimouski, Que., to explore 13 licenses totaling 1,892 sq km owned by Gastem Inc., Montreal, in the Gaspe Peninsula of Quebec.

Maurel & Prom and MPI set up the partnership using the Saint-Aubin Energie SAS corporation, a joint investment vehicle, that is held one third by Maurel & Prom and two thirds by MPI. This acquisition boosts Petrolia’s interests in Quebec to nearly 16,000 sq km.

Over the next few months, technical teams from Petrolia and Maurel & Prom will develop a new exploration program for the 1,892 sq km area. They will pool their technical exploration and production expertise, and Petrolia will initially be responsible for carrying out the work.

The partners are also continuing discussion on extending the collaboration to other parts of Quebec in which Petrolia holds interests. Exploration will target unconventional and conventional reservoirs.

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