Enegi Gets More Time to Drill Offshore Newfoundland

January 17, 2014

Enegi has extended Period I of Exploration Licence EL1116, western Newfoundland for a period of 12 months.

As per the announcement of 23 December 2013 a drilling deposit of $250,000 has been paid by Black Spruce Exploration (“BSE”) to the Canada-Newfoundland Offshore Petroleum Board (“C-NLOPB”). This has extended the initial five year licence period (Period I) for EL1116 by a further 12 months. This is in advance of the drilling programme which is planned to take place on the licence this year targeting the St George’s Bay prospect. On completion of the well, under the terms of the licence, EL1116 will enter Period II and will then be valid for a further three years following the end of this extended 12 month period.

The well on EL1116 will be drilled, by BSE, following the anticipated successful drilling at the Garden Hill Field (“GHF”) which is expected to commence in April. The St George’s Bay prospect is expected to be drilled from onshore to offshore to delineate the offshore extent of the Garden Hill hydrothermal dolomite trend.

Alan Minty, CEO of Enegi, said: “We are delighted to have gained this extension. With our partner BSE we are about to commence an extensive drilling programme across all our assets which we believe will demonstrate the full potential of the region.”

[mappress]
January 17, 2014