Government & Regulatory | Drilling & Completions | Reserves
Quebec Govt. Approves Drilling / Completions Ops on Anticosti
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Junex inc. reported that the Quebec Government has given authorization to Anticosti Hydrocarbons LP for the drilling and fracturing of three horizontal wells to evaluate the oil and gas potential of the Macasty Shale on Anticosti Island.
While not part of the Consortium, Junex holds the neighbouring block of exploration permits at 100%. Junex's permits cover an area of 233,275 acres (364 square miles or 944 square kilometers) in the deeper part of the Fairway where Junex is of the opinion that the ideal commercial conditions exist for oil and liquid hydrocarbon development in the Macasty Shale.
If the operations planned by Junex's neighbours would be successfully completed, then this exploration campaign should largely "de-risk" and add value to Junex's acreage without necessitating any investment of capital or dilution of interest on Junex's part.
In addition to the Macasty Shale, the deeper sedimentary sequences on Junex's acreage are quite prospective for conventional oil resources that would not require massive hydraulic fracture stimulation. Several seismically-defined drilling targets have been identified within the Trenton Black River Formations, which is a prolific producer in the Appalachian basin in the United States.
In 2011, Netherland, Sewell & Associates, Inc. provided their Best Estimate (P50) of the Undiscovered shale oil initially-in-place volume for the Macasty Shale on Junex's Anticosti Island permits at 12.2 billion barrels
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