Tekoil also received clearance from further Environmental Assessment (EA) from both the DNR and the Canada-Newfoundland & Labrador Offshore Petroleum Board (C-NLOPB). As with every exploration program there will be additional permits and compliance to certain terms and conditions.
Mark Western, Tekoil Chairman & CEO said, "We are pleased to be able to report that we have accomplished this major milestone. This was a rigorous two-year environmental and technical approvals process; we can now look forward to further establishing our exploration operations in the region."
Tekoil also has received its Operating License from the C-NLOPB, for its intended 2007 drilling program with farm-in partner Ptarmigan Resources, as well as its Exploration License from the DNR. Upon completion of the well, Tekoil will earn a 33 percent working interest in offshore license EL-1069. These approvals will have attached terms and conditions and are the first steps in obtaining final approval for the drilling of Tekoil's first well in western Newfoundland.
Mr. Western added, "We have submitted our environmental assessment (EA) for both the onshore and offshore areas. The onshore area has been released from further environmental assessment, which allows Tekoil to move forward with site preparation work in Little Port. Site preparations are expected to begin in October 2007. The offshore EA is still under review by the C-NLOPB."
Tekoil, together with Ptarmigan Resources, is also awaiting approval for another Exploration License in block EL-1069, which covers a 2,000-plus square kilometer area. Tekoil intends to carry out a 3D seismic marine survey during 2008, to map several structures already identified by Ptarmigan Resources using 2D seismic data. Upon completing the 2008 seismic program, Tekoil will earn an additional 27 percent working interest in license EL-1069, for a total ownership of 60 percent. It is expected that the seismic area will extend from the Port au Port Peninsula through to the northern boundary of EL-1069.
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