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The partners of Haldimand Number 1 (Gaspe, Quebec) announces the results of the pressure build-up test
The partners of Haldimand Number 1 (Gaspe, Quebec) announces the results of the pressure build-up test.
About this update from Cavvy Energy Ltd
[{"type":"text","content":"\n\n\n\n\nMONTREAL, June 27 /CNW Telbec/ - Junex (JNX : TSXV), PDetrolia (PEA :\nTSXV) and Gastem (GMR : TSXV) are pleased to announce that the pressure build-\nup tests have been completed successfully in the Petrolia-Haldimand No. 1\nwell. Analysis of the pressure data indicates that the well pressure is\ngreater than it was when the well was completed, that is to say 12,403 kPa now\nas compared with 11,383 kPa (on completion) at a reference depth of\n1,073 metres. The well has been shut-down for the last 45 days following a\n15 day production trial, which allowed the well to reach a stabilized\nproduction rate of 40 BOE(1) per day (34 barrels of light oil and 6 barrels\nequivalent of gas). The well produces oil from a 139 metre thick zone,\nsituated between 950.5 m and 1,090 m below the surface. The well was\nperforated at 8 levels within the producing zone (light sweet oil at more than\n47 degrees API), representing a total of 22 m of perforated casing.\nFollowing these results, the project partners are planning to reopen the\nwell and undertake an extended, 90 day, production trial, which is to be\nfollowed by a 180 day analysis of reservoir pressure recovery. The purpose of\nthis, additional test is to allow the partners to more accurately define the\nmagnitude of the reserve.\nJunex and Petrolia each hold a 45% interest in the project and Gastem\nholds a 10% interest. Junex is the project operator.\n\nAbout Junex\n\nJunex holds exploration rights on more than 4 million acres of land\nlocated in the Appalachian basin in the province of Quebec. Recent major\ndiscoveries in the United States and Eastern Canada have stimulated\nexploration in Quebec, which is located in a favourable geological setting for\noil and gas discovery. Junex's strategy is to reduce exploration risks by\nentering into partnerships with other exploration companies. In parallel to\nits exploration efforts, Junex goal is to achieve positive cash flows from its\nnatural brine and drillings services operations. Junex also holds\napproximately 12% interest in Petrolia (PEA : TSVX) and a 5.4% interest in\nGastem (GMR : TSXV).\n\nAbout PDetrolia\n\nPetrolia is an oil and gas exploration and development company with large\nproperty holdings in Quebec's Gaspe Peninsula. Petrolia holds exploration\nrights on more than 4 million acres of land located in the Appa...