Under ongoing exploration plans for the Lowlands, Petrolympic and Squatex will be executing a seismic program this summer to further refine target areas and locate the best sites that are planned to be drilled.
Two wells will be drilled to test the Utica play outside the Canbriam joint land and within a zone of favorable total organic content (TOC) and maturity of the rock sequences.
A third location is planned to be drilled to test the conventional shallow gas play in the autochthonous carbonates platform south of Montreal. Petrolympic is also in discussions to increase its ownership of some of the jointly owned permits in the Lowlands.
Petrolympic is seeking a partner to drill a 1500mt well in the Lower St. Lawrence-Gaspe region, particularly in the Ste-Irene area. This location has been selected to test the presence of light oil in a complex fractured zone near a major fault within the Forillon Formation.
Petrolympic, as well as its joint partner Ressources & Energie Squatex have renewed all their exploration permits in the St Lawrence Lowlands and the Lower St Lawrence-Gaspe areas as of September 1, 2009.
The Ministere des Ressources naturelles et de la Faune granted the new permits under the earlier regulations of the Law of Mines giving extended ownership that allows carrying further exploration work for ten years until September 2019.
