Oil “on all the territory”, according to Petrolia

PHOTO DIDIER DEBUSSCHÈRE
The president-acting managing director of Petrolia, Martin Bélanger

Patrick Bellerose

Monday, 31 July 2017 12:35

UPDATE
Monday, 31 July, 2017 16:11

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With the end of the work on Antiscoti, Quebec abandons a reservoir of hydrocarbons that has a “great potential”, similar to what one might find in Ohio or Pennsylvania, ” says Petrolia.

The president-acting managing director of the company, Martin Bélanger, submitted to the Journal on Monday videos demonstrating the presence of oil during the twelve surveys, stratigraphic conducted in 2014 and 2015.

“They have been found on all the cores [of drilling], throughout the territory,” says its chairman and acting managing director of Petrolia, Martin Bélanger.

The reservoir of hydrocarbons is “divided on the scope of the territory to the full”, he adds. “This is not just an accident or a coincidence”, if the company has found traces of oil, said Martin Belanger.

The company wanted to go ahead with the exploration phase to determine if the real potential of the island could be exploited in such a way to be “economic”, said Martin Belanger, but the government has put an end to the work by a ministerial order last week.

In 2015, the Sproule Associated Limited estimated the volume of oil under the island to about 30.7 billion barrels.

Negotiations

The output of the CEO of Petrolia occurs while the company is still in negotiations with the government of Quebec to put an end to the joint venture Hydrocarbon Anticosti.

The other partners of the agreement signed in 2014 by the government of Marois – Junex, Corridor Resources and Maurel & Prom – already agreed to with Québec totaling$41.4 million.

However, Petrolia demand a lot less than the$ 200 million already raised in some media. “Our other partners, the same percentage that we [editor’s NOTE : Maurel & Prom] have a$ 20 million”, said Martin Belanger.

By contrast, he argues that Petrolia could require a higher compensation as operator of the project.

“Gb auto”

Martin Bélanger regrets the judgment of the project that would have received a “go automatic,” anywhere else in North America, according to him.

“I did the work in Western canada for a long time, in Europe, everywhere,” he stressed. In the same period, while I tried to make three wells here in Alberta they have made it 5000.”