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Petrolympic Ltd.: Lower St. Lawrence - Several Tens Of Millions Barrels Of Oil And Very Large Volumes Of Gas Could Be Present In The Conventional Reservoirs Of The Masse Structure
BOSSARD, QC / ACCESSWIRE / May 17, 2016 / Ressources & Energy Squatex ( " Squatex " or t...
About this update from Petrolympic Ltd.
[{"type":"text","content":"Petrolympic Ltd.: Lower St. Lawrence - Several Tens Of Millions Barrels Of Oil And Very Large Volumes Of Gas Could Be Present In The Conventional Reservoirs Of The Masse StructureBOSSARD, QC / ACCESSWIRE / May 17, 2016 / Ressources & Energy Squatex ( \"Squatex\" or the \"Company\") and its partner Petrolympic Ltd. (TSXV: PCQ) (OTCQB: PCQRF) (\"Petrolympic\") are pleased to announce the results of a major reassessment of resources for the eastern part the Massé structure performed independently by Sproule Associates Limited (\"Sproule\"). The Massé structure is located in the Lower St. Lawrence permits, some 25 km southeast of Mont-Joli, in the Appalachian Basin of Quebec. Squatex owns a 70% interest in 656,093 hectares (1,621,241 acres) of exploration permits in Quebec over which it is the operator under a joint operation agreement with Petrolympic (30%).\nThe resources reassessment reported by Sproule includes an authentication of in depth analyzes performed by the Squatex's technical team on the Massé No.2 well logs. These new data completes and confirms the initial data previously acquired in the Massé No.1 well for the eastern part of the Massé structure. Sproule considers that the results of its resources simulations could extend over a probable average area of 5.2 km2.\nThe potential resources evaluated by Sproule are related to porous levels in the St. Leon and Sayabec Formations encountered in the wells drilled in the eastern part of the Massé structure. The results of the study point out to a potential of 53.6 BCF of gas and 52.2 million barrels of oil over a probable average area of 5.2 km2, an oil equivalent total of 61.1 million barrels (MMBOE).\nResource volumes for Massé have been increased significantly compared to the previous estimate done in 2014 with the addition of a very important oil volume. Gas resources are also improved considerably following the analysis based on the logs recorded in the Massé No.2 well.\nThe gross pay of the Silurian basin rock of the Lower St. Lawrence extends up to a nearly 540m thick interval recognized by Sproule from the logs in which the net pay varies between 66m and 210m averaging, 130m in thickness. These porous zones are more than encouraging for further work and validate the potential of this region of the Lower St. Lawrence area.\...