Enegi wins new exploration rights

MANCHESTER oil business Enegi Oil has secured a new nine-year exploration deal in Canada.

Its subsidiary PDI Production has won the rights for an offshore area covering 211,985-hectares. PDI has committed to spending more than £300,000 exploring the area in the first five years.

Enegi is already drilling in Canada in an onshore area adjacent to the new exploration zone. It said believes these oil fields extend offshore.

Chief executive Alan Minty said: “The addition of this parcel to our portfolio is a key step in the development of the company as it represents a significant increase in the hydrocarbon resources available for development. It also consolidates our position around the only discovered oil field in western Newfoundland.”