Junex Inc. is finalizing construction of the surface drilling pad for the Junex Galt No. 5 Horizontal well that the Company plans to start drilling in the second half of July.
This well is situated on the Company's Galt Oil Property where Netherland, Sewell & Associates, Inc., (NSAI), a firm of worldwide petroleum consultants based in Texas, recently provided an update of their Best Estimate of the total Oil-Initially-In-Place (OIIP) resources at 557 million barrels for the Forillon and Indian Point formations and where their Best Estimate of Junex's net share of the total Recoverable Oil Resource Volume is 55.7 million barrels of oil.
As previously announced, the Galt No. 5 Horizontal well is the first well of the next phase of operations on the Galt Oil Property that includes the drilling of the Galt No.5 Horizontal well, the completion of a detailed 3D seismic program, then the drilling of the Galt No. 6 and No. 7 Horizontal wells whose final locations will be determined from the 3D seismic data.