Junex inc.

Recent activities

14 December 2016

Anticosti

During the first quarter of 2014, the company had signed a Letter of Intent ("LOI") with Ressources Québec that could have led to an exploration program in two stages for a total maximum of $90 million funded entirely by RQ and a third partner from the industry to be identified. In return for their investment, Ressources Québec and the industry partner would have earned an 80% interest in a limited partnership company that would have controlled 100% of Junex's permits.

Rather than pursuing the LOI any further that would have substantially diluted Junex's interest in its acreage at such an early stage, Junex instead decided to maintain 100% of its interests in its Anticosti permit block and wait for the results of the neighboring acreage-holders' exploration campaign instead of pursuing the LOI any further. As such, the company allowed the LOI to naturally lapse at its expiration date of November 1st 2014. If the operations performed by our competitors the neighboring acreage would be successfully completed, then this exploration campaign should largely "de-risk" Junex's land package without necessitating any investment of capital or dilution of interest on our part.

Hydrocarbures Anticostie s.e.c. plans to drill and fracture stimulate three horizontal wells in the course of the Summer of 2017. Publicly-available maps show that the locations of the wells (initially planned for 2016) will be situated near Junex's permits. As a result of the upcoming drilling operations, the value of our permits could fluctuate.

Junex has no intention of investing in the Anticosti project until results from our neighboring acreage holders, Hydrocarbures Anticosti s.e.c are known. Junex continues in-house geological studies regarding the potential if its land package in view of future investments on the island.


Source: http://anticosti