This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost 43 cents to $43.30 on the New York Merc, while Brent for November lost 43 cents to $45.91 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.55 to WTI ($28.75), down from a discount of $14.25. Natural gas for October added two cents to $2.94. The TSX energy index added a fraction to close at 188.25.

Quebec explorer Junex Inc. (JNX) added 6.5 cents to 45 cents on 202,300 shares, pleasing investors with the latest results from its core Galt project on the Gaspe Peninsula, where its Galt No. 4 horizontal well is demonstrating "the largest oil recovery ever seen in Quebec's history." This is admittedly not a high bar, given that Quebec has never developed an oil industry. Junex wants to change that. Its Galt No. 4 well, drilled two years ago, was the first horizontal well drilled in the province. In the initial phases of production testing in early 2015, the well produced a total of 7,200 barrels of light crude. Junex started long-term production testing the well in early June of this year. By Aug. 28, according to SEDAR filings, the total amount of oil recovered had increased to 9,650 barrels, and this morning Junex updated the figure to 14,100. Testing will continue until late November. "[This is] a very good well," exclaimed Junex's president and chief executive officer, Peter Dorrins. He added that the well has "influenced the selection of the optimal locations for future wells," presumably meaning Galt Nos. 6 and 7. (Galt No. 5 was drilled last year and is shut in for pressure buildup to see if production testing will be worthwhile.) Junex has said in SEDAR filings that it plans to drill Galt Nos. 6 and 7 in 2016/2017 and then seek a production lease.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS