Nu-Oil and Gas Provides Operational Update on PL2002-01(A)

Source: www.gulfoilandgas.com 3/28/2018, Location: North America

Nu-Oil is pleased to provide an update regarding operations at the Garden Hill site in western Newfoundland. PVF Energy Services ("PVF") are working at site completing final preparations for the planned production test which is expected to commence when the Department of Natural Resources ("DNR") approve this phase of the work programme. The completion of the production test will be a significant milestone towards achieving the objective of the work programme, which is to restore production from the PAP#1-ST#3 well. Under the Production Sharing Agreement announced on 31 January 2017 all operations on site are undertaken and financed by PVF.

PVF has designed the programme with the aim of producing data that is relevant and that delivers the greatest value; the data collected during the production test will be used to determine all future plans. PVF's planning and procurement has taken full account of recent experience to minimise the potential for delays during the remainder of the programme. The application for the production test has been submitted to the DNR. Approval of the work programme, which is an iterative process between the DNR and PVF, is expected to take 14 days. We expect the production test to start in the week commencing 16 April 2018.

In preparation for the production test, PVF are completing the clean-up-of the well-tubing, undertaking any maintenance required to site facilities following recent adverse weather and performing routine pre-flow checks. PVF will be ready to begin the production test, which is anticipated to last between 30 and 90 days, as soon as approval is received from the DNR. The Company will provide an update when the test begins.

Following completion of the test, PVF will place the well on production while the collected data is analysed. Subject to satisfactory results from the production test, PVF will design a re-completion programme which will be submitted to the DNR for approval.

In parallel, PVF are finalising their plan for the wider development of the field which would be implemented subject to the farm-in agreement currently being negotiated with the Company; this plan is expected to include a seismic survey and drilling a new well. PVF are in discussion with companies who are interested in becoming involved in this project and have the funds available to invest.

Alan Minty, Chairman of NU-Oil, commented:

"The flow test is a significant step at Garden Hill and the data it produces will determine the future development of the field. I am pleased that PVF are planning future phases at the same time as progressing the first phase of the work programme. The results of the upcoming production test are an important component of that planning. It is critical that the production test has been planned with consideration to future development, as maximising the value and relevance of the data collected in the short term will positively impact future returns. We look forward to releasing the results of the flow test in due course, as these will indicate the future potential for Garden Hill."


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