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NUOG awaits regulatory approval in Canada

Work is expected to start promptly once approval has been granted, NUOG said.

Onshore oil well drilling
NUOG shares dropped 30% in early deals

NU-Oil and Gas Plc (LON:NUOG) told investors that a new Canadian work programme is waiting on regulatory approval.

In a statement, NUOG said all the major equipment had been mobilised to the Garden Hill project site, in Newfoundland, and the proposed programme is under review at the Department of Natural Resources.

Work is expected to start promptly once approval has been granted, it added.

"The company is delighted that preparations for the workover programme at PL2002-01(A) are progressing well and to schedule,” said Nigel Burton, NUOG chief executive.

“This new activity at the Garden Hill Field brings new investment and is anticipated to achieve production and therefore revenue for NU-Oil."

The programme is being paid for by PVF Energy Services which will be earning a 50% revenue share.

It is planned that PVF’s programme will initially involve wireline clean-up of the AP#1-ST#3 well, and the clearing of physical obstruction that is believed to be restricting flow from the well. A subsequent period of testing, between 15 and 30 days, will provide more reliable analysis of the well’s production capability.

A second phase of work would then see re-completion of the well and the installation of artificial lift equipment. Arrangements in the production sharing agreements also give the right to drill new wells, and NUOG said it expects to conclude a deal to cover that scenario in the near future.


*Updated 11:01 Thursday June 22

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