Junex inc.
TSX VENTURE : JNX

Junex inc.

August 28, 2007 10:27 ET

Junex Starts Drilling of the Paspebiac Dome Located at 1,500 Meters Depth

QUEBEC CITY, QUEBEC--(Marketwire - Aug. 28, 2007) - NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Junex (TSX VENTURE:JNX) has recently spudded the well Paspebiac #1, located at 12 kilometers from Paspebiac in Gaspesie, Eastern Canada. A 12 1/4 inches surface hole was drilled to a depth of 220 meters and a 95/8 inches casing was cemented with the rig Barber #1 owned by Junex. This rig was released two weeks ago after having drilled through a depth of 431 meters. The hole will be completed to the total target depth of 1,500 meters with the other rig (U-34 #2) owned by Junex. This rig is already on site and the well has currently reached a depth of 685 meters. Junex expects this well to be completed by the end of September.

"The geological structure of Paspebiac is the biggest ever drilled in Junex's history. We have been working on this project for the last three years, notably in connection with the Geological Survey of Canada, and we are very excited about this first wildcat well to be drilled in the region. Junex has invested more than 2 million dollars in the course of the last years in order to acquire approximately 200 kilometers of seismic data. Those investments have allowed us to identify a dozen geological structures favourable for hydrocarbon accumulation. Among them the Paspebiac dome is certainly a high risk project but it bears a world class potential" commented Mr. Jean-Yves Lavoie, P. Eng., CEO of Junex.

The Paspebiac #1 well is the first to be drilled on the 1 million acres block of permits held by Junex (100%) in the area of Baie-des-Chaleurs. This well is being drilled on a large dome structure of nearly 30 km2 of horizontal closure and of 300 meters of vertical closure. The well is targeting a seismic anomaly at the level of the Silurian limestones at a depth of 1,500 meters.

The seismic line which led to the identification of the Paspebiac structure is available on Junex's web site at the following address: http://www.junex.ca/en/projects/chaleurs-bay.php

About Junex

Junex holds exploration rights on more than 6 million acres of land located in the Appalachian basin in the province of Quebec. Recent major discoveries in the United States and Eastern Canada have stimulated exploration in Quebec, which is located in a favourable geological setting for oil and gas discovery. Junex's strategy is to reduce exploration risks by entering into partnerships with other exploration companies. In parallel to its exploration efforts, Junex's goal is to achieve positive cash flows from its natural brine and drillings services operations.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

Contact Information

  • Junex inc.
    Mr. Jean-Yves Lavoie
    President
    418-654-9661
    or
    Junex inc.
    Dave Pepin
    Corporate Affairs
    418-654-9661