Lease and Licences
Enegi Oil Plc. has working interests in Newfoundland through an onshore petroleum lease, PL2002-01, and two offshore exploration licenses, EL1070 and EL1116. Working interest in Ireland is held through an onshore petroleum licensing option, ON11/1. The working interests in Newfoundland are held by PDI Production Inc. (“PDIP”), the group's principal operating subsidiary, which was incorporated in the Province of Newfoundland and Labrador, Canada in May 2006.
PL2002-01, EL1070 and EL1116 are located in the Port au Port Peninsula, western Newfoundland, whilst ON11/1 is located in the Clare Basin, western Ireland. A summary of the lease, licenses and option is set out below:
| Location | Lease/licence/option | PDIP interest | Area | Comment |
|---|---|---|---|---|
|
Newfoundland, |
PL2002-01 |
100% (Operated by PDIP) | 39,227 acres (158.8 km2) |
Onshore (Contains a discovery) |
| Newfoundland, Canada |
EL1070 Shoal Point |
100% in strata below the base of the Green Point Formation (Operated by PDIP) | 254,608 acres (1,030.4 km2) | Offshore |
| Newfoundland, Canada |
EL1116 | 100% (Operated by PDIP) | 523,815 acres (2,119.8 km2) | Offshore |
| Ireland | ON11/1 | 100% | 122,317 acres (495 km2) | Onshore |
Production Lease 2002-01 (onshore) Newfoundland, Canada
PL2002-01 was issued in April 2002 and has been extended until August 2012 with certain conditions, those which have fallen due to date having all been met. The lease covers an area of approximately 160km2 and contains the discovered field, Garden Hill South, as well as two other leads, Garden Hill Central and Garden Hill North. In 2010, initial sedimentalogical and geochemical studies were performed in PL2002-01 which also indicated the presence of a further possible lead.
Exploration Licence 1070 (offshore) Newfoundland, Canada
EL1070 was issued in January 2002 for a total period of nine years and covers an area of approximately 1,000km2. The licence contains the Shoal Point prospect.
Exploration Licence 1116 (offshore) Newfoundland, Canada
EL1116 was issued in January 2009 for a total period of nine years and covers an area of approximately 2,120km2.
Onshore Petroleum Licensing Option (ON11/1) Ireland
ON11/1 expires in February 2013 and covers an area of approximately 495km2.
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Areas of operation:
Port au Port Peninsula
Clare Basin
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