Shoal Point Energy has been granted an extension on an exploration license.
The company was told by license holders Ptarmigan Energy and Black Spruce Exploration that a drilling deposit has been filed with the Canada-Newfoundland Labrador Offshore Petroleum Board with an agreement to extend Period I of EL 1120 by one year.
Under an amended farmout agreement with Ptarmigan Energy, Shoal Point Energy has the right to earn an 80% working interest in a portion of EL 1120 by drilling and testing a target within the Humber Arm Allochthon.
This test well must now be spudded by January 15, 2016.
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