PDIP prospect offshore Newfoundland to get geophysics survey

Enegi Oil subsidiary PDI Production plans to acquire new seismic over the prospective areas of license EL1070 offshore Newfoundland, under a farm-in arrangement.

Offshore staff

LONDON – Enegi Oil subsidiary PDI Production plans to acquire new seismic over the prospective areas of license EL1070 offshore Newfoundland, under a farm-in arrangement.

A minimum of 40% will be shot in 3D, subject to environmental considerations and permitting issues.

It will also drill a new well to test the productivity of the offshore Aguathuna formation, containing the conventionalShoal Point prospect.

PDIP will assume 100% of the total cost, risk and expense associated with the seismic program and well in return for a 70% interest in the permit.

3/30/2012

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