The rig will be utilized to fulfil the obligations of PDIP and its partners with regard to the Petroleum Lease Extension which was agreed with the Province of Newfoundland and Labrador on 10th August 2007, details of which were provided in PDIP's August 14th update.
The rig has been secured for the drilling of one well, with the option of two further wells, dependent on results. In addition, the rig has been offered to PDIP's operating partner for use on the Shoal Point project should they require it.
Details of the first drilling target and potential hydrocarbon reserves will be published shortly.
Alan Minty, CEO of PDIP commented:
"We are delighted to have the opportunity to genuinely add value to this project. A three well drilling program should firm up the reserves level of the license and point the way to further development and production. This is the next step in our ongoing commitment to developing the resources of Western Newfoundland. A successful result will increase the value of the property, paving the way for further development in the region".
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