Junex provides update on Galt oil property drilling

Junex Inc., Quebec City, Que., said it is finalizing construction of the surface drilling pad for the Junex Galt No. 5 horizontal well that the company plans to start drilling in late July.

Junex Inc., Quebec City, Que., said it is finalizing construction of the surface drilling pad for the Junex Galt No. 5 horizontal well that the company plans to start drilling in late July.

This well is on the company’s Galt oil property where Netherland, Sewell & Associates Inc. recently provided an update of their best estimate of the total oil initially in place resources at 557 million bbl for the Forillon and Indian Point formations. NSAI’s best estimate of Junex’s net share of the total recoverable oil resource volume is 55.7 million bbl of oil.

Galt No. 5 horizontal well is the first well of the next phase of operations on the Galt oil property, which includes the drilling of the Galt No. 5 horizontal well, the completion of a detailed 3D seismic program, then the drilling of the Galt Nos. 6 and 7 horizontal wells whose final locations will be determined from the 3D seismic data.

The Junex Galt No. 5 Horizontal well is planned to be drilled to a total measured depth of 2,500 m, of which 1,300 m is to be horizontal drilled within the Forillon oil reservoir. Similar to Junex’s Galt No. 4 horizontal oil discovery well, the horizontal portion of the Galt No. 5 horizontal well is designed to intersect the maximum number of open, near-vertical, natural fractures in the Forillon oil reservoir.

Junex holds a 70% interest in the Galt oil property and it holds 100% interest in the adjacent acreage. The adjacent 100% Junex acreage has not yet been independently evaluated for its resource potential. These properties are situated 20 km west of the town of Gaspe in eastern Quebec.

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