Enegi, Black Spruce Get St George's Bay License Extension

Junior explorer Enegi Oil reported Friday that is has successfully extended Period I of exploration license EL1116 in western Newfoundland, Canada, for a period of 12 months.

The extension follows a drilling deposit of $250,000 being paid by Enegi partner Black Spruce Exploration to the Canada-Newfoundland Offshore Petroleum Board. This was required to extend the initial five-year license period for EL1116 by a further year.

Enegi said that a drilling program is planned to take place on the license this year targeting the St George's Bay prospect. On completion of the first well on the license, EL1116 will enter Period II and will then be valid for a further three years following the end of the extended 12-month period.

Enegi and Black Spruce are targeting between 24 and 109 million barrels of prospective resources at St George's Bay.

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