Junior Oil and Gas Stock News: Junex (TSX VENTURE:JNX) Announces Completion of its Seismic Survey on its Anticosti Island Oil Play
Category: Investment, Oil, Gas, Energy
News about Junex
QUEBEC CITY, QUEBEC - September 17, 2012 (Menafn - Investorideas.com Energy Stocks Newswire, www.oilandgastocksnews.com) 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.
About the NSAI Report
Details about the NSAI Report were previously announced by Junex in a press release on September 28, 2011 and it is recommended that the reader consult this press release for further information. The resource estimates in the report must be treated as scoping level estimates and used with caution. Undiscovered petroleum initially-in-place (OIIP) (equivalent to undiscovered resources) is that quantity of petroleum that is estimated, as of a given date, to be contained in accumulations yet to be discovered. The undiscovered shale OIIP volumes shown in the report were estimated from data available, as of September 1, 2011, but the data were insufficient in quality or quantity for these volumes to be classed as discovered. There is no certainty that any portion of the in-place volumes will be discovered.
The OIIP in the Report was determined from a range of possible values for multiple parameters. These parameters were limited to the critical driving factors for both statistical and practical reasons.
The probabilistic analysis performed by NSAI created cumulative probability distribution curves that defined a range of potential outcomes. As described in the Canadian Oil and Gas Evaluation Handbook (COGEH), the resulting probability distribution curves represent the low estimate, best estimate, and high estimate, which correspond to the P90, P50, and P10 probability estimates of hydrocarbon volumes, respectively. The probability that the quantities of oil actually in place will equal or exceed the estimated amounts is 90 percent for the low estimate, 50 percent for the best estimate, and 10 percent for the high estimate.
Junex is a junior oil and gas exploration company that holds exploration rights on approximately 5.2 million acres of land located in the Appalachian basin in the Province of Quebec . The company is in the heart of the Utica Shale gas discovery located in the St. Lawrence Lowlands and holds a significant land-package on the Anticosti Island where an independent report has provided their Best Estimate of the undiscovered shale oil initially-in-place ("OIIP") volume for the Macasty Shale on all five of Junex's permits on Anticosti Island at 12.2 billion barrels. In parallel to its exploration efforts in Quebec and expansion of its exploration activities elsewhere, Junex's goal is to achieve positive cash flows from its natural brine and drilling services operations.
Forward-Looking Statements and Disclaimer
Certain statements in this press release may be forward-looking. Forward-looking statements are based on the best estimates available to Junex at the time and involve known and unknown risks, uncertainties and other factors that may cause Junex's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. A description of the risks affecting Junex's business and activities appears under the heading "Risks and Uncertainties" on pages 8 to 11 of Junex's 2010 annual management's discussion and analysis, which is available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that Junex will derive therefrom. In particular, no assurance can be given as to the future financial performance of Junex. Junex disclaims any intention or obligation to update or revise any forward-looking statements in order to account for any new information or any other event. The reader is warned against undue reliance on these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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