Good to see confidence and a lot of ground work going into the Utica shale. No doubt this is going to save a great deal of money and experimental work. Questerre also announced that the next results from the shale zones will be tested in the latter part of the summer. From memory some of the other companies will report before this time, so hopefully some more good news to come.
Friday, May 15, 2009 Questerre foresees low finding and development costs in Utica shale.
Questerre announces major breakthrough in Quebec. "We had a major breakthrough this quarter in Quebec", commented, Michael Binnion, President and Chief Executive Officer of Questerre. "The three well tests from a single Utica zone over our acreage have largely addressed our remaining technical concerns about this play. It has validated our belief that the Utica shale will be commercialized with horizontal wells. Early results from other zones in the Utica and shallower Lorraine were also very encouraging. With further engineering work, we are more confident in the potential for stacked shale plays that could, if successful, ultimately reduce finding & development costs to under $1.00 an mcf."
MPO Price at posting:
$1.04 Sentiment: Hold Disclosure: Held
