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Enegi notes test on Shoal Point well

By BFN News | 08:32 AM | Tuesday 24 April, 2012


Enegi Oil has noted that Shoal Point Energy has started testing the Shoal Point 3K39 well, which was drilled to target the Green Point shale play in EL1070. SPE indicates that four cased hole tests have been planned for the Shoal Point 3K39 well, with the first already commenced. SPE further indicates that all the tests will be completed within the next 35 days. In parallel, AJM Deloitte, an independent geological consultant, has been engaged by Enegi to produce a report to assess the extent of the Green Point Shale on the company's acreage. Once complete, the report will be compliant with the Canadian NI 51-101 standards of disclosure for oil and gas activities. Enegi Oil chief executive Alan Minty said: "We welcome the announcement from SPE as it is a positive step towards obtaining an SDL over EL1070, the lower portion of which is 100% owned by the company and contains the conventional Shoal Point lead. "We also keenly await with interest the upcoming test results from SPE and the imminent Green Point shale report from AJM Deloitte, which will provide insight into the prospectivity of the Green Point shale on our acreage." At 8:32am: (LON:ENEG) share price was +0.63p at 15.63p Story provided by StockMarketWire.com