Junex (
TSX: V.JNX,
Stock Forum) moved things forward at its Galt Oil property located on Anticosti Island, Quebec when the company announced today that it had acquired additional drill equipment that would up its maximum drill depth capacity to an estimated 3,000 metres.
According to the
news release, the drill rig, known as Foragaz Rig No. 4, will be utilized to drill the company’s next horizontal wells at the property, starting with the Junex Galt No. 4 horizontal well expected to begin drilling in the autumn of this year.
Company President and CEO, Peter Dorrins, commented, “This important addition to our drilling fleet allows us to meet our needs to drill horizontal wells on our Galt Oil Property, on our highly-prospective acreage in the Deep Fairway on Anticosti Island, and on all of our landholdings elsewhere in Quebec.”
He went on to illustrate, “With respect to our Galt No. 4 Horizontal Well, much of the drilling equipment is already at a staging area near the well location and the remainder of the equipment and supplies are being mobilized at this time.”
Then he summed up, “In order to respect the administrative time period established by the new Regulation on groundwater protection that entered into force on August 14th, Junex plans to start drilling this well after September 24th.”
Junex was in the news recently when
the Quebec City-based company announced the appointment of Henry Sauvagnat to its Board of Directors five days ago.
Shares edged up 3.70% on the news to $0.56 per share.
Currently there are 66.2m outstanding shares with a market cap of $37.1