Gastem Inc. (TSX:V.GMR, Stock Forum) said that it has received the drill permit for the Ristigouche well in Quebec.
Currently, the well site access and the pad have already been prepared and the company is hoping to spud the well this fall, subject to rig availability.
According to the press release, the primary target of the Ristigouche well is an anticlinal structure in the oil-bearing Silurian West Point Formation known as the Sellarsville slice. The secondary target is in the White Head Formation which holds potential for oil and gas in fractured intervals at a depth of approximately 2.6 kilometres.
Gastem is an independent oil and gas exploration and development company based in Montreal.
On Wednesday, Gastem was up 33% and was trading at $0.06 a share. The company has a market cap of $5.4 million, based on 90 million shares outstanding. The 52-week high and low was $0.13 and $0.04 respectively.