Enegi Oil agrees asset swap deal with exploration partners in Canada
20 November 2009
Enegi Oil, the exploration group working on the Port au Port Peninsula of Western Newfoundland, has agreed an asset swap deal with its two joint partners on Exploration Licence 1070.
The move means that Enegi, through its 100%-owned operation PDI Production, will take on a 100% stake in the St George's Group play on the licence. In return, it will hand over its interest in the Green Point Formation to its partners, Canadian Imperial Venture Corp (CIVC) and Shoal Point Energy (SPE).
The deal has been arranged because progress on the licence has been held up by disagreements over where drilling should take place.
By opting for the St George's Group play, PDI has opted for a conventional structural play in the middle Ordovician platform carbonates of the St. George's Group which has produced hydrocarbons at Garden Hill South, located approximately 40 km to the SSE along trend where Enegi recently resumed operations.
EL1070 is located in Port au Port Bay, East of Long Point and in the Gulf of St. Lawrence, West of Long Point. The licence comprises 103,040 hectares in water depths of less than 100m.
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