Nu-Oil and Gas PLC Completion of Due Diligence on EL1070 (6712W)
2017年2月13日 - 4:00PM
RNSを含む英国規制内ニュース (英語)
TIDMNUOG
RNS Number : 6712W
Nu-Oil and Gas PLC
13 February 2017
NU-OIL AND GAS PLC
AIM ticker: 'NUOG'
13 February 2017
NU-Oil and Gas plc
("NU-Oil" or "the Company")
Completion of Due Diligence on EL1070 Option Agreement
The Company is pleased to announce that further to its
announcement on 21 December 2016, regarding the Option Agreement on
EL1070, offshore Western Newfoundland with G2 Energy Corp. ('G2
Energy'),G2 Energy has successfully completed its due diligence on
EL1070. Under the Option Agreement, G2 Energy has an exclusive
option to earn 100% of the Company's working interest in the Deep
Rights (see below) on EL1070, with the Company's wholly owned
subsidiary, Enegi Oil Inc. ("EOI"), retaining a 5% gross overriding
royalty should the option be exercised.
G2 Energy is now proceeding with the work required to submit an
application for a Significant Discovery Licence ('SDL') on EL1070.
In this respect, prior to the end of the option period of 24 months
from 16 December 2016, G2 Energy must achieve a flow test for
hydrocarbons on one or more of the wells on EL1070, a requirement
under the regulations for the submission of an application for a
SDL.
The Deep Rights within EL1070 are currently held by EOI.
G2 Energy has undertaken further analysis of data on existing
wells, and has identified a potential bypassed oil pay zone behind
casing in one of the wells on the licence, within the Carbonate
Platform section (see below "About EL1070"), and its initial work
programme, subject to regulatory approval, will plan to flow test
this prospective zone. This section is interpreted to have a dense
natural fracture network in brittle carbonate rocks, which may have
natural flow capability.
About G2 Energy Corp.
G2 Energy is an investment vehicle that has been specifically
established to explore the potential of EL1070. Its two principals
are George Langdon and Gerard Edwards. George Langdon was a former
senior geologist at Mobil Oil and Gerard Edwards a financial
analyst with Mobil. Both have been instrumental in achieving the
award of the first onshore production lease in the province of
Newfoundland and have been involved with the recognition of the
potential of both the deep Carbonate Platform rocks and the Green
Point shale. Collectively through their previous companies they
have raised approx. $100m for exploration in west Newfoundland.
Both are graduates of the Memorial University of Newfoundland,
George with a PHD in Earth Sciences and Gerard with a MBA. They
have been involved in the exploration of oil and gas in eastern
Canada for more than 20 years and during their time in the industry
have developed an extensive network of contacts that will be
exploited for the purposes of developing EL1070.
About EL1070
Although EOI is a registered holder of 33% of the EL1070
licence, through a 2009 agreement with Shoal Point Energy the
Company now holds a 100% interest in the Deep Rights, with Shoal
Point Energy holding 100% interest in the Shallow Rights on the
licence.
The Deep Rights on EL1070 are defined as all petroleum
substances and associated rights within and stratigraphically below
the Ordovician Carbonate Platform (excluding Cape Cormorant and
Table Cove Formations). The main target within the EL1070 Deep
Rights is the Shoal Point prospect, which is a 'conventional'
exploration target, and is reachable from an onshore location.
EL1070 was issued in January 2002 and continues to be in good
standing beyond its 9 year exploration phase, while partners in the
project diligently pursue the award of a SDL for discoveries within
the Shallow Rights section. In order to pursue Shallow Rights
hydrocarbons in the Green Point shale fracking will be necessary,
on which there is currently a moratorium in Newfoundland. The
Company, in conjunction with G2 Energy, will also need to liaise
with the Government to commence activity on the conventional Shoal
Point prospect; G2 Energy has already conducted informal
discussions with the regulator.
Nigel Burton, CEO of NU-Oil, commented:
"The Directors are pleased that G2 Energy has successfully
concluded its due diligence on EL1070 and is now proceeding to the
work required to submit a SDL application on EL1070. This should
allow for new investment into EL1070 and has the additional benefit
of removing on-going costs. We look forward to providing further
updates as G2 Energy progress its activities."
Enquiries:
NU-Oil and Gas plc
Alan Minty, Executive Chairman Tel: +44 161 817 7460
Nigel Burton, CEO Tel: +44 7785 234447
Beaufort Securities Limited Tel: +44 20 7382 8300
Jon Belliss
Elliot Hance
Strand Hanson Limited
Rory Murphy/Ritchie Balmer Tel: +44 20 7409 3494
St Brides Partners Limited Tel: +44 20 7236 1177
Elisabeth Cowell
Lottie Brocklehurst
www.nu-oilandgas.com
Qualified Persons
The information in this release has been reviewed by Professor
Mike Bowman, a Non-Executive Director of NU-Oil and Gas plc. Mr.
Bowman was the President of the Petroleum Exploration Society of
Great Britain in 2012 and has over 30 years' experience in the
petroleum industry
Note to Editors:
NU-Oil and Gas plc is an independent oil and gas
company whose strategy is to build a diverse portfolio
of assets with a strong emphasis on acquiring interests
in stranded and marginal fields.
These fields are low risk highly-appraised projects
and consequently the Company's entry cost will
be low. NU-Oil will look to develop these assets
utilising solutions delivered by Marginal Field
Development Company (MFDevCo) and the MFD Consortium,
which can significantly improve the development
economics of a project. This is also expected to
enable the early booking of reserves.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
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