Junex Inc. (Toronto Venture:JNX) has started drilling its Junex Galt No. 4 Horizontal well earlier today with its recently-acquired, 3,000 meter-capacity Foragaz No. 4 drilling rig.
The company also received a new drilling permit from the Quebec government for its next horizontal well on the property, the Junex Galt No. 5 Horizontal well, which the company intends to drill following the Galt No. 4.
Peter Dorrins, Junex's president and CEO said "The Galt No. 4 Horizontal well is a 'first' in two respects: Not only is it the first horizontal well on our Galt Oil Property, but it is also the first horizontal oil exploration well ever to be drilled by industry anywhere east of Quebec City in the province of Quebec...With a sizeable resource potential of 330 million barrels of total Oil-Initially-In-Place, this oil project contains the largest combined discovered contingent oil resource and undiscovered prospective oil resource potential established by independent evaluators so far on the Gaspé Peninsula. We forecast that the planned 1,300 meter-long horizontal leg of the Galt No. 4 Horizontal well should take between approximately 55 days to drill, after which testing operations are planned to commence."
Quebec City-based Junex holds a 70% 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. These landholdings are situated approximately 20 kilometers from the town of Gaspé in eastern Quebec.
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