OVERVIEW

 St. Laurent Permit (Grenade Discovery)

  • Licence Area covers the Grenade Oil field which is an undeveloped heavy oil accumulation originally discovered by Elf in 1975.
  • MOG holds 11.154% working interest. MOG shall pay 1% NPI to Eagle Energy Ltd.
  • Best Estimate STOOIP 221 MMstb (Range of 68 to 485 MMstb).

The Grenade field will form the initial focus of exploration in 2006. Its attractions are:

  • Potentially large oil volumes
  • Newly developed extraction techniques not available at time of discovery
  • Proximity to market and infrastructure
  • EU located asset with good fiscal terms and positive policy to indigenous energy.