Junex signs partnership, prepares to drill Galt prospect
Junex Inc. plans to drill the Galt No. 6 horizontal well on its Galt oil prospect in Gaspe Peninsula in eastern Quebec.
Junex Inc. plans to drill the Galt No. 6 horizontal well on its Galt oil prospect in Gaspe Peninsula in eastern Quebec. The well will be drilled by Foragaz, a division of Junex, on the heels of entering a $14-million partnership with Ressources Quebec Inc., acting as a mandatary for the government of Quebec, and Gestion Bernard Lemaire Inc.
Junex applied with Quebec’s government for a 20-sq-km production lease on the Galt prospect in September 2016.
Under the new partnership, Ressources Quebec will invest $8.4 million, 60% of anticipated expenditures, for the latest exploration campaign. Ressources Quebec will hold an undivided interest of 17.13%. Junex will retain a 52.87% interest and will invest $1.4 million in the exploration campaign, 10% of the expense. Gestard Bernard Lemaire will maintain a 30% interest in the Galt oil project.
According to Junex, the partners are prepared to close the transaction prior to the 21-day expiration period.
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