Planning of Work
Overcoming Skepticism
Since Quebec has had no previous examples in the petroleum industry, companies working in this sector need to come to terms with the natural mistrust of observers. Consequently, Petrolia’s growth is linked to its ability to prove that Quebec’s subsoil contains hydrocarbons in significant quantities and that their development is financially profitable.
Aim for Production in the Short Term
Objectives:
- Go ahead on several shallow drillings
- Produce hydrocarbons
- Make the investments pay off.
To increase investor confidence and raise the necessary funds to finance large-scale activities, Pétrolia is beginning its operations with shallow drillings (depths less than 1,500 metres). Less costly and profitable in the short term, these shallow drillings will serve as the driver of the enterprise.
The quantity of hydrocarbons, as well as their preservation, increases with the depth of drillings. The model is well known: the late faults in the subsoil of north-east Gaspé served as conduits for the migration of hydrocarbons to the upper strata. These hydrocarbons that the shallow drillings have made available for harvesting, hide significant hydrocarbon deposits.
Laying the Groundwork for Full-scale Production
After it demonstrates the abundance and profitability of Gaspé’s petroleum, Pétrolia will be in an advantageous position to raise funds required to attack deeper drillings. The drillings should take place in the properties in the Taconic Strip, in the Baie-des-Chaleurs, in the North Matapédia and in Gaspésia.
The scope of this objective will put Pétrolia in the sights of a number of major petroleum companies and will open the door to new partnership agreements.
For the time being, Pétrolia needs to demonstrate the existence of hydrocarbon fields in the Gaspé capable of providing enough barrels of oil to ensure a return on investment by the third year.
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