A specific objective: 5% of Quebec’s consumption
Since its creation, Pétrolia has been one of the leaders in oil exploration in Quebec. Through its acquisitions and agreements, the Company now holds around 70% of the exploration licences for areas with oil potential. At this stage in its development, Pétrolia is now working towards definiting the next steps in its growth, maintaining its ultimate goal of producing, within five years, 5% of the oil consumed in Quebec. This goal may seem ambitious, since it means producing around 20,000 barrels per day. However, the potential and extent of the territory covered by Pétrolia's permits make this goal achievable. The Company has made this objective the focus of its corporate strategy.
Strengthening its position
Throughout the year 2008, Pétrolia has managed to strengthen its position through partnership and financing agreements as well as intensive exploration work. This year has been a crucial acquisition and progress phase for Pétrolia, which will allow it to play a major role in the issues of tomorrow. At the dawn of 2009, the Company’s ultimate goal is now all the more meaningful: to become a producer.
To achieve a goal of this scale, it is important to establish effective, concerted strategies. The territory to be explored is vast, and time is limited. Throughout the world, large exploration companies are joining forces to create momentum and thus increase their chances of success. Pétrolia understood that it too could only benefit from joining forces with other companies to achieve its goal. However, it has set its sights on maintaining a minimum interest of 30% in each of these projects.
In 2007, Pétrolia assembled a qualified, experienced, multifunctional team. In 2008, other specialists were integrated and the team pursued the development of several projects. These projects represent the cornerstone of Pétrolia’s success, and each stage of exploration helps to clarify their respective potential. The Company is now able to develop concepts and perform technical studies on various aspects of its project, giving it an advantage in negotiations with its partners.
With a vast territory, an intensive work program, a discovery, and financial resources in hand, Pétrolia has been actively promoting its potential within Canada and abroad to find partners with whom to continue its activities. Several have shown interest, and negotiations are underway to make these discussions a reality.
The Gaspé is considered Quebec’s most promising zone on dry land for the discovery of hydrocarbons. Pétrolia is preparing itself to reclaim and rationally develop these valuable resources.
Exploration at less than 1,000 metres
In the course of the next two years, Pétrolia expects to bring on line oil wells situated at depths less than 1,000 metres. This strategy will rapidly permit Pétrolia to become a petroleum- and gas-producing company at the lowest cost. With this scenario in mind, a program of three drillings was undertaken last autumn on the Gaspé property.
When both the development and profitability of Gaspé oil have been demonstrated with wells at less than 1,000 metres, Pétrolia foresees deeper drillings. The Company is presently carrying out a series of seismic surveys at greater depths to locate the oil-bearing geological targets. The promising properties will require significant investments for their exploration. However, these targets will place Pétrolia in the sights of a number of major petroleum companies and will open the door to new partnership agreements.