Pétrolia announced the development of a resource confirmation program for the Bourque Project to follow up on the results obtained during the merging of the 2008 3D seismic data and data gathered during 2012 drillings (reprocessing). This program has been established thanks to the financial participation of our partner, Tugliq Energy.
The evaluation work planned within this program is a first step to ensure the implementation of the government's desire to complete the assessment of Gaspésie's natural gas potential, as expressed in the 2015-2016 budget speech. Back in April 2013, the Company disclosed the results of a resource assessment performed by Sproule Associates Limited (Sproule) that estimated at more than 1 Tcf (one trillion cubic foot) the volume of wet natural gas initially-in-place in four Bourque project "prospects".
Alexandre Gagnon, CEO of Pétrolia, thinks that this project will generate new local economic development opportunities while also translating the government vision into reality. "For Pétrolia, the Bourque project is a unique opportunity to support the economic development of regions, participate in the maritime strategy, promote the Plan Nord and help the government achieve its GHG emission reduction targets. The Bourque project could, as soon as next year, generate substantial revenues"