I don't know what is causing Junex to jump today (up .18 at 11:20am). Is it this Canada Press story? (rough french to english translation via google)

Anyone with other knowledge of why Junex is up today?

Cheers

Inceptus

MONTREAL - The exploration company Junex (TSXV: JNX) amorcerdès heard next year natural gas production in the valley duSaint Lawrence, in pilot projects.

This qu'adéclaré President and CEO of Junex, Jean-YvesLavoie, following the annual meeting of shareholders del'entreprise held Tuesday in Montreal.

Thereon is expected that other companies active in exploration Schales del'Utica, including Alberta Talisman Energy (TSX: TLM) and firmesaméricaines, also launched pilot projects for gas production In Quebec in 2010. It provides a dozen fields in all, comptantentre four and five wells each.

The shales of the Utica desgisements are unconventional gas in the lowlands duSaint Lawrence. These courses are known for decades, but those only since the early 2000s that has the technology needed to operate profitably.

Ilene cost between 300 and $ 400 million to implement these projetspilotes, slightly more than $ 5 million to Junex, Lavoie said. Last year, the various exploration companies have invested pasmoins of $ 100 million in the shales of the Utica, whose $ 7 million in the case of Junex.

Future producers have initiated discussions with Gaz Metro (TSX: GZM.UN) regarding marketing of production.

"Commelles pilot projects, they are smaller volumes of natural gas, it must be to find ways to both technical and economic lesrelier to our existing network," said Tuesday a spokeswoman dudistributeur, Marie-Noëlle Cano, during a telephone interview.

"Pour2010, Gaz Metro will be ready to receive natural gas and lesproducteurs want, Gaz Metro will be ready to buy, a ajoutéMme Cano.

According to Jean-Yves Lavoie, it will cost nearly unmilliard dollars, ultimately, to connect to the network of wells GazMétro. Marie-Noëlle Cano would not confirm that figure, but as Gaz Metro areconnu should pay for such work.

"As with any investment, it is applicable to pricing (charged to consumers)," she said.

Pierre Boivin in the arena

In order to advance its interests, the industry launched in févrierl'Association oil and gas in Quebec, co-chaired by AndréCaillé, director of Junex, former CEO of Gaz Métro etd'Hydro Quebec, and Pierre Boivin, president of the club hockeyCanadien and director of Questerre Energy (TSX: QEC), also actifdans of the Utica shales.

The consolidation, which sapremière meeting held in April in Montreal, has the main purpose deconvaincre the Quebec government to modernize the regulatory framework surrounding législatifet exploration and deshydrocarbures.

Quebec has promised to adopt by the end del'année a law to that effect. The bill must be filed autumn. The oil and gas sector is currently the Loisur mines, which do not meet their needs.

The nouvellesdispositions must "modernize" the system of charges applicablesaux oil to make it "competitive, while Quebecers assurantaux a fair return on the resource they sontcollectivement owners," said the minister of natural resources, Claude Béchard, in March.

Jean-Yves Lavoie hopes that the future law will mark the access to agricultural land etl'utilisation of water in gas wells. The engineer àdes expected protests from environmentalists, but he believes the government will succeed, however, to adopt the law.

A times the pilot ended, Mr. Lavoie estimated that encoretrois or four years to reach commercial production In Quebec. Junex calculates that its extraction costs ranging between $ 2.50 and $ 3 per thousand cubic feet, so that the operation could êtrerentable if gas prices exceed U.S. $ 4. Prices tournentactuellement around the threshold, then they neared $ 14 USl'été last.

"The price is low at present, but a passenger", said the CEO of Junex.

"The chances we get to production (commercial) are strong: it is more than 50 percent," he said.

The actionde Junex closed Tuesday at $ 1.40, down 0.7 percent, Labourse Toronto. A year ago, in the weeks following the announcement by an American Junex partner, Forest Oil, a découvertesignificative gas in the shales of the Utica, the title had atteint8, $ 22.

Shortly before the summit, the company had benefited from lafrénésie to issue shares at $ 6.20, which enabled him derécolter $ 22.2 million. At 31 December 2009, Junex 29millions had cash of $, a sum which is to award $ 20 million at the end of the year and $ 15 million in late 2010.

Copyright © 2009 The Canadian Press. All rights reserved.

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