Enegi Oil welcomes announcement by Shoal Point Energy

Enegi, an independent oil and gas company, has welcomed an announcement by Shoal Point Energy on Monday, in which it detailed its farm-out agreement with Black Spruce and the programme under that agreement for EL1070 in which Enegi holds a 100 per cent interest.

Enegi, an independent oil and gas company, has welcomed an announcement by Shoal Point Energy on Monday, in which it detailed its farm-out agreement with Black Spruce and the programme under that agreement for EL1070 in which Enegi holds a 100 per cent interest.

According to the agreement, Black Spruce will re-enter and sidetrack Shoal Point Energy's 3K39 well by mid-June this year.

If petroleum is recovered from any exploration well covered by the agreement, the two firms will apply to the Canada-Newfoundland and Labrador Offshore Petroleum board for a significant discovery licence.

The company said it believes that the activities under the agreement optimise the chances of Enegi being able to secure a significant discovery licence for the 'deep rights' of EL1070.

Alan Minty, Chief Executive Officer of Enegi said: "We welcome the news by SPE and Black Spruce. This is a very a positive step towards achieving a significant discovery licence over EL1070 and we will continue to monitor their work programme going forward."

NR

Recommended

Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021

Most Popular

The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021