Petrolia's Second Drilling Program is Underway

P├ętrolia has started its second Wakeham-1 (PEA-2) drilling program to assess the potential of a new exploration zone located 12 km from the Town of Gaspe in Canada. The position of the well was determined using data collected during Petrolia's seismic survey last summer.

It is now day 11 of the Wakeham-1 well drilling program with an average daily drill depth of 27 metres. This drilling program is intended to verify the presence of oil in a reservoir zone at the base of the Devonian sandstone unit at a deap depth of 700 metres. One noteworthy point, these same sandstone unit contain important oil deposits in the Appalachian Basin of the United States (Pennsylvania, Virginia, New York, etc.).

The presence of high-grade light crude oil was confirmed in roughly ten shallow target wells in this sector over a century ago. The wells were abandoned more due to reasons of inadequate use of drilling technology than oil potential. With an API of greater than 40, the oil collected in some zones is comparable to light sweet crude oil and is currently trading at a high price on global markets.