Junex has signed a final farm-out agreement with Fairlady Energy on the Nicolet Permit. In accordance with this agreement, Junex will earn a 50% working interest in the interval from surface to the base of the Utica Shale in the Nicolet Permit by drilling two exploration wells to the base of the Utica geological formation. The Nicolet Permit covers an area of 54,363 acres within the heart of the St. Lawrence Lowlands Basin (see press releases dated May 21, 2008 and March 27, 2009).
The first of these two wells, the St-Gregoire No.3 well, has already been drilled to a total depth of 875 meters. The presence of gas was identified in the shale section and four cores of 9 meters each were retrieved during the drilling of the well.
Seismic Survey and Drilling of the Second Well
In parallel with this, Junex recently completed a seismic survey of 14 line-kilometers on the Nicolet property. The results of this survey allowed the positioning of the second well that forecast to commence prior to the end of June. The estimated total depth of this second well is about 1,600 meters and a total of 36 meters of core are planned to be cut in the Utica Shales.
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