Enegi Oil note the announcement issued by Shoal Point Energy on 30 January 2012 that a new side track (3K39Z) well will be drilled and approval for the work has been secured.

SPE indicates that 3K39Z will be drilled from the existing 3K39 well by setting a whipstock at approximately 1585 metres and drilling ahead to the base of the Green Point Formation. Subject to final regulatory approvals, tests will then be performed to determine the flow potential and reservoir characteristics of unstimulated, fractured Green Point shales.

SPE expects the program to take up to 60 days to complete.

Alan Minty, CEO of Enegi Oil Plc., commented:

"The drilling of a sidetrack well is a significant undertaking, which clearly shows SPE's belief in the Green Point shales. We are excited by the prospect a positive result from the sidetrack would have on us and we eagerly look forward to further announcements over the coming weeks".

Tags: Enegi Oil