Enegi Oil must relinquish land under lease deal
14th August 2012
SHARES in Enegi Oil fell yesterday after it announced it would have to relinquish some of the land where it has drilling rights as part of a lease renewal.The Manchester-based firm is drilling for oil in Newfoundland and has secured a new five-year lease from the region's authorities - the Department of Natural Resources (DNR).But under the terms of the deal the firm must relinquish areas not lying over a petroleum pool. The DNR says it will only renew 16km2 from the original 158.8km2.Chief executive Alan Minty said: "We are pleas......for the full story register now for free or login below...
More News News Archive
- Register Now For Free!