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Pétrolia and Junex approach an agreement July 28, 2007 - 10h47 Sun Gained Gilles, special collaboration Gaspé To enlarge caratère To enlarge Character To print To print To send To send V.JNX Fourteen months after the suspension of production to the only genuine oil well of Quebec, in Haldimand close to Gaspé, the Pétrolia partners and Junex progress in the negotiations which, hope for their directions, will lead to an agreement and the resumption of the exploitation to the autumn or the winter. * Click to know some more: * Junex * | Isabelle Proulx The production of the Haldimand well was established with nearly 40 barrels per day when the two partners suspended pumping in order to arrive from there at a complex protocol which defines the mode of exploitation of the layer. Pétrolia and Junex have each one an interest of 45 % in the Haldimand well, while Gastem controls 10 % of them. "the talks progress enormously for the two parts. That is done by small points but that advances. One needed retreat. It is one of the most important agreements for the shareholders ", approaches Isabelle Proulx, spokesman of Pétrolia. She notes that this type of agreement is generally negotiated before the beginning of the exploitation of a well, but the site of Haldimand produced very quickly and it has surprised a little everyone consequently. "One passes from the stages in this kind of situation, and", known as Mrs. Proulx is not needed. Historically, Junex held the rights on the territory of Haldimand before yielding them to Pétrolia and Gastem, with the help of a back or no protest clause, in in the financial jargon, conferring a right to him to reinstate the partnership in various moments. Junex was prevailed of this clause when it became clearly that the well would produce oil. "All is there to take again the production very quickly, but it is necessary to evaluate the width of the well. That means to remake seismic surveys, to make an analysis 3d (three dimensions, geological formation) and to drill a well of confirmation. Seismic work only costs him 2 million $ ", continues Isabelle Proulx. The Haldimand well could generate incomes of 750 000 $ to 1 million $ per annum. If from 35 to 40 barrels per day constitute a modest production, it lines up nevertheless in the average of the conventional wells in function in Alberta, for example. The general manager of Junex, Jean-Yves Lavoie, note also an appreciable progression of the rate/rhythm of the discussions with Pétrolia. "I expect that that frees with the autumn", he says, convinced that the production could begin again at this time. Isabelle Proulx envisages a restarting at the winter. Junex exploits gas with the wells Galt 1 and Galt 3, in the west of Gaspé. It releases a also little oil from these wells, which generated receipts of 150 000 $ in 2006.