Pétrolia has announced that Ressources Québec Inc., acting as agent for the Quebec government, is investing an additional $8.5 million in the Bourque Project.
The investment involves a direct participation in the project through the joint venture created after the first investment phase.
Pétrolia will hold 51% of the joint venture and assume the role of operator.
Subject to obtaining the requisite permits and authorisations, work on the first phase of the resource confirmation programme is set to begin within a few weeks. This programme will allow Pétrolia, in partnership with Tugliq Énergie, to implement a pilot project on the extraction and liquefaction of natural gas.
So far, Pétrolia has invested just under $22 million in the Bourque Project and the undiscovered natural gas initially in place (P50) is estimated at more than 1 trillion ft3 in four reservoir zones (Sproule 2013).
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquefaction/17062016/petrolia-bourque-project-receives-financing-2621/