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Junex Begins Drilling Galt 5 to 2500 Meter Depth

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   |    Wednesday,July 29,2015

Following it's ongoing series of updates on its Galt property, Junex Inc. has announced that it started drilling its Galt No. 5 Horizontal well using its Foragaz No. 4 drilling rig.

The well will not be hydraulically stimulated, following the previous Galt 4 well.

This well is the first of a series of horizontal exploration wells to be drilled by the Company as a follow-up to its oil discovery in its Galt No. 4 Horizontal well that recorded oil production rates ranging up to more than 300 barrels of oil per day during production testing earlier this year (see Junex's press releases from January 27th 2015, February 2nd 2015, February 23rd 2015 and March 16th 2015 for details about this production testing).

Mr. Peter Dorrins, Junex's President & Chief Executive Officer said: "In our Galt No. 5 Horizontal well, we are building upon the successful well design implemented in our Galt No. 4 Horizontal oil discovery well. The Galt No. 5 Horizontal well is licenced to be drilled to a total measured depth of 2,500 meters, of which about one half is to be horizontally drilled such as to intersect the maximum number of open, near-vertical, natural fractures within the Forillon oil reservoir, including any porous hydrothermal dolomites if present. It is worthwhile mentioning that the Galt No. 4 Horizontal well was not hydraulically fracture stimulated yet it yielded a significant result and therefore we will be applying the same recipe in the Galt No. 5 Horizontal well."

Mr. Dorrins continued: "We are going to be very busy on our Galt Oil Property in the foreseeable future. While the drilling of our Galt No. 5 Horizontal well is underway, we will also be acquiring detailed 3D seismic data that will then be used to optimally site the next two wells in our program, the Galt No. 6 and No. 7 Horizontal wells, as well as defining the locations of any later horizontal wells that might be drilled on this oil property. We also intend to conduct further operations and production testing in our Galt No. 4 Horizontal well."


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The Galt No. 5 Horizontal well is situated on Junex's Galt Oil Property where Netherland, Sewell & Associates, Inc., a firm of worldwide petroleum consultants based in Texas, recently provided an update of their Best Estimate of the total Oil-Initially-In-Place resources at 557 million barrels for the Forillon and Indian Point formations and where their Best Estimate of Junex's net share of the total Recoverable Oil Resource Volume is 55.7 million barrels of oil (see Junex's press release from June 9th 2015 for details of the NSAI evaluation).

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.