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Gold/Mining/Energy
Eaglewood Energy spuds Ubuntu-1 well on PPL 259 licence
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Eaglewood Energy spuds Ubuntu-1 well on PPL 259 licence

2010-12-13 07:11 MT - News Release

Mr. Brad Hurtubise reports

EAGLEWOOD ENERGY SPUDS UBUNTU-1 WELL

Eaglewood Energy Inc. has begun drilling the Ubuntu-1 well on its PPL 259 licence in the Western Province of Papua New Guinea. Eaglewood is the operator of the well which is expected to be drilled to a total depth of 3,600 metres and take approximately 60 days to drill. The Ubuntu prospect is contained in two of the graticular blocks in PPL 259, and Eaglewood holds 40 per cent of the Ubuntu prospect with Talisman Niugini Ltd. (50 per cent) and Mega Fortune International (10 per cent). Eaglewood (90 per cent) and Mega Fortune International (10 per cent) hold the remaining 66 graticular blocks of the PPL 259 licence.

Chief executive officer Brad Hurtubise commented, "We are glad to finally be drilling and are hopeful a discovery at Ubuntu will begin the first stage of the commercialization program for our PPL 259 licence."

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