QUEBEC CITY, March 21 /CNW Telbec/ - Junex (JNX : TSXV) announces the
completion of its analysis of the production test results of the Champlain #1
well. According to the company's technical interpretation, well data indicate
that the high-pressure natural gas encountered between 655 and 662 meters
could be connected to a deeper reservoir within the lower section of the
Trenton/Black River by a network of fractures.
The Champlain #1 well will therefore be deepened to a depth of about 900
meters to evaluate the lower section of the Trenton/Black River, a very
prolific interval in the Appalachian Basin in the United States.
"The Champlain well has demonstrated the presence of significant natural
gas shows in shallow shale zones. The deepening of this well will allow us to
validate the well-known dolomitized carbonate geological model that has led to
significant successes in the northeastern United States and now raises the
interest of major companies such as Talisman, who was just announcing last
week a natural gas discovery in the Trenton-Black-River zone in Bécancour,
just a few kilometres from our Bécancour/Champlain bloc of permits. A
gas-charged reservoir in the Champlain region, situated at the junction of
major gas pipelines, could be rapidly put on production and eventually
converted into a natural gas storage facility. The deepening of the well
should be completed by about the end of April." commented the President of
Junex, Mr. Jean-Yves Lavoie, P.Eng.
The Champlain #1 well, located 3 km from the Bécancour Industrial Park,
was drilled on a seismic anomaly identified during Junex's 2005 seismic
campaign. The same type of anomaly corresponds to a reservoir zone that
produces brine at Bécancour and Junex's objective is to drill into a
comparable reservoir that is about 200 meters structurally higher, which will
increase the chances of finding a significant accumulation of natural gas.
Junex holds exploration rights in more than 4 million acres of land in
the Appalachian basin in the province of Québec. Recent major discoveries in
the United States and Eastern Canada have stimulated exploration in Québec,
which is located in a geological setting favourable for oil and gas discovery.
Junex's strategy is to reduce exploration risks by entering into partnerships
with other exploration companies. Parallel to its exploration efforts, Junex's
goal is to achieve positive cash flows from its natural brine and drilling
services operations. Junex also holds approximately a 12% interest in Petrolia
(PEA : TSXV) and an 3% interest in Gastem (GMR : TSXV).
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
For further information:
For further information: JUNEX: Jean-Yves Lavoie, President and Chief of
Operations, (418) 654-9661; Dave Pépin, Vice-President, Corporate Affairs,