Shoal Point wishes to clarify and correct the company’s news release issued Oct. 2, 2014. The headline of this news release inaccurately read “Shoal Point Announces Extension to Exploration Licence 1120”.Shoal Point has been granted, by Ptarmigan Energy, an extension to perform its obligations under its farm-in agreement with Ptarmigan Energy, but the licence itself has not been extended by the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB). This licence can only be extended by the drilling of a validation well or the filing of a drilling deposit for a one year extension of Period I in accordance with the terms and conditions of the licence. Otherwise, Exploration Licence 1120 will revert to back to the Crown effective January 15, 2015.
Sector: Oil & Energy