Enegi Oil Plc on Monday announced that preparations for the next stage of the workover of its PAP#1 ST#3 well ('the Well'), onshore Newfoundland, are now close to completion. Delays have been experienced due to:
The results of this extended sequence of detailed tests and analyses are positive and the Company has entered into, and is close to concluding, commercial negotiations with service suppliers to undertake the program.
The Company has also been in regular communication with the Newfoundland and Labrador Department of Natural Resources ('DNR') throughout the planning process to ensure that any questions associated with the program have been addressed as they arise. The Company do not, therefore, anticipate any delays in gaining regulatory approvals, once the details of the program (equipment specifications, suppliers etc.) have been finalized and applications can be formally submitted. As stated previously, all the equipment and personnel required for the workover program will be mobilized to site once approval to commence the program is obtained from the DNR.
Whilst recommencing work at the Garden Hill South site has been the Company's primary focus during recent weeks, work is also ongoing to finalize plans for the proposed seismic survey over the PL2002-01 lease area, with a view to undertaking that survey during winter 2011/2012.
Alan Minty, CEO of Enegi Oil, commented:
"Whilst the last few months have been frustrating, we remain optimistic about the long term potential of these assets. We look forward to the commencement and outcome of the next phase of the work program, which will be the culmination of recent diligent and prudent planning."
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