Junex Hits Oil in Galt Number 4 Well

Junex Inc. (TSXV:JNX) announced that it had struck oil on its Galt Number 4 horizontal well on the Foragaz No. 4 drilling rig. Having finished drilling on November 20, this is the first horizontal oil exploration well ever drilled by industry in Quebec.

According to the press release:

The well was drilled on-budget in a record time of 37 days (versus our forecast of 55 days) in an area renowned for its “tough” drilling. An average drilling rate of 7 meters per hour was achieved in the Forillon oil reservoir, which, following optimization of the drilling parameters, attained drilling rates in the 20 to 25 meters per hour range. This improvement in drilling rates is a testament as to the ongoing management and optimization performed by Junex’s employees during the drilling of the well and this knowledge will be applied in the drilling of future wells on our Galt Oil Property.

Peter Dorrins, President and CEO of Junex, said:

We are tremendously excited by this significant oil discovery as it moves us markedly closer to commercial oil production at Galt. As predicted, this horizontal well encountered a substantial interval of oil-charged, naturally-fractured reservoir rock. Based on these positive results, we have commenced operations of installing perforated production casing in the well, after which swabbing operations will be performed as the first part of oil testing operations. We expect delivery of a new oilfield pump in late December that will be installed in the well for further production testing and, ultimately, commercial oil production if the results from these production tests support this.

Click here to read the Junex Inc. (TSXV:JNX) press release