Seismic survey on Anticosti Island oil play complete

Source: Junex

Junex (TSX VENTURE:JNX) is pleased to announce that it has completed acquisition of 224 line-kilometres of new 2D seismic data on its solely-held, 233,275 acre-sized block of exploration permits on Anticosti Island. Netherland, Sewell & Associates, Inc., ("NSAI"), a firm of worldwide petroleum consultants based in Texas, had previously placed their Best Estimate of the undiscovered shale oil initially-in-place ("OIIP") volume for the Macasty Shale on Junex's acreage at 12.2 billion barrels.

"This 224 line-kilometre seismic survey is the largest realized by Junex and it has been completed on time and on budget by our team. More than 70 workers, majority of them form Quebec, were working on the Island at the peak of the seismic survey, generating significant local economic spin-off. I would finally like to extend my special thanks to Port-Menier's population for their respectful attitude during the course of our work on the island", commented Mr. Jean-Yves Lavoie, P. Eng., CEO of Junex.

The data acquisition was successful and field evaluation of individual field records indicates that the quality of the data was very good. The entire seismic dataset will be processed in the upcoming weeks, after which it will be interpreted by Junex's exploration staff to identify a number of future drilling targets. This new seismic data forms an integral part of a multi-phase exploration program targeting the Macasty and deeper conventional targets on Junex's acreage and is a prerequisite to selecting well locations for future drilling.

Junex's interpretation of pertinent lab data indicates that the organic-rich Macasty on its acreage places it within the Oil Window of thermal maturity, with the top of the Macasty ranging in depth from approximately 800 metres to 2,200 metres. Junex's technical evaluation indicates that the level of thermal maturity observed thus far in the Macasty in the Deep Macasty Fairway compares favourably with published findings for the oil-rich Utica/Point Pleasant Shale in Ohio and the Eagle Ford Shale in Texas. Based on its direct experience with the Utica Shale in the Saint Lawrence Lowlands, Junex considers that the greater formation depth of the Macasty, associated with an approximative thickness of 80 meters, shown the best conditions for further exploration and development for these potential resources.

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