RE:RE:Tick TOck The NR you referred to is for Galt, in Gaspésie.
The agreement with Ressources Quebec, where a 3rd partner is needed, is on Anticosti.
Please refer to the NR below;
3 February 2014
JUNEX ANNOUNCES A MILESTONE LETTER OF INTENT WITH RESSOURCES QUEBEC FOR OIL EXPLORATION ON ANTICOSTI ISLAND
FEBRUARY 13, 2014 – QUEBEC CITY, QUEBEC— Junex Inc. (“Junex”) (TSX VENTURE:JNX) is pleased to announce the signature of a Letter of Intent (the "Agreement") with Ressources Quebec ("RQ") whose goal is to complete the evaluation of the petroleum potential of Junex’s exploration permits on Anticosti Island. This 233,275 acre-sized landholding is 100% held by Junex and contains, according to Netherland, Sewell & Associates, Inc., a resource potential of 12.2 billion barrels of oil initially-in-place in the Macasty Shalei.
According to this Agreement, the partners commit, if the financing is completed, to perform an exploration program in two phases for a maximum total amount of $90 million financed by RQ and a third party industry player who remains to be identified and who will be at arm’s length. In exchange for its investment, Ressources Quebec and the industry partner will earn an interest of 80% in a special purpose vehicle created for the project (the “SPV”) which will control 100% of Junex’s Anticosti Island permits.
Phase 1 of the exploration program will be composed of nine (9) wells for which the budget is estimated at $50 million:
• the drilling of three (3) exploration wells that will evaluate the Macasty Shale and deeper conventional targets;
• the drilling of four (4) stratigraphic tests; and
• the drilling, completion and massive fracture stimulation of two (2) horizontal wells drilled into the Macasty Shale (with a 1,000 metre-long horizontal leg and 8 stages of fracture stimulation in each well).
The exploration program for Phase 2 will be defined after the completion of Phase 1 and will be subject to approval of the SPV’s Board of Directors to proceed with Phase 2. RQ and the third party will finance this phase up to the financial commitment of $90 million, and, thereafter, the partners will finance the project according to their respective working interest levels.
This Agreement is subject to the conclusion of an accord with a third party industry player by October 31, 2014, at the latest.
- See more at: https://www.junex.ca/press-releases/junex-announces-a-milestone-letter-of_131#sthash.s0QGHzDs.dpuf