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

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