8th May 2018 13:23
LONDON (Alliance News) - Development and production firm Nu-Oil & Gas PLC said Tuesday that the Department of Natural Resources approved the company's program for a production test at wholly-owned subsidiary Energi Oil Inc Garden Hill site in Newfoundland.
The test is set to last between 30 and 90 days and will begin as soon as, oil and gas consulting company, PVF Energy Services, completes the required maintenance at the site.
Under an agreement reached in January 2017, all operations on site are undertaken and financed by PVF.
"We look forward to the production test, the results of which will be used by PVF as they finalise their plans for the wider development of the field. We continue our negotiations with PVF to agree a farm-out and we look forward to updating the market as and when an agreement is concluded," Alan Minty, Chairman of Nu-Oil, said.
Nu-Oil shares traded higher 0.5% at 1.06 pence on Tuesday.
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