ST JOHN'S, Sept. 27 /CNW Telbec/ - PDI Production Inc. (PDIP) is very
pleased to announce that it has signed an agreement with Nabors Drilling, a
division of Nabors Canada, for the supply of Nabors Rig 57ETD for mobilization
to the Port au Port peninsula.
The rig will be utilized to fulfil the obligations of PDIP and its
partners with regard to the Petroleum Lease Extension which was agreed with
the Province of Newfoundland and Labrador on 10th August 2007, details of
which were provided in PDIP's 14th August update.
The rig has been secured for the drilling of one well, with the option of
two further wells, dependent on results. In addition, the rig has been offered
to PDIP's operating partner for use on the Shoal Point project should they
Details of the first drilling target and potential hydrocarbon reserves
will be published shortly.
Alan Minty, CEO of PDIP commented:
"We are delighted to have the opportunity to genuinely add value to this
project. A three well drilling programme should firm up the reserves level of
the licence and point the way to further development and production.
This is the next step in our ongoing commitment to developing the
resources of Western Newfoundland. A successful result will increase the value
of the property, paving the way for further development in the region".
Notes to editors:
PDIP is an international oil and gas operator based in Newfoundland,
Canada. The Company has working interests in a production lease where it is
the designated operator and an exploration license both of which are located
in Western Newfoundland. PDIP personnel have extensive and diverse experience
in the management, design and operation of large-scale oil and gas projects.
For further information:
For further information: Alan Minty, CEO, PDI Production Inc., (709)