Blinding rns11 Apr 2012 14:23
The net proceeds of the Placing will primarily be used to facilitate the Company's immediate planned activity in western Newfoundland, which includes purchasing additional production equipment for the Garden Hill South site to enable the Company to move quickly into the production phase once regulatory approval is secured. The PaP#1-ST#3 well continues to flow on a 24 hour basis, with additional on-site personnel already hired to cope with the increase in activity level. To free up storage on site, the oil is being sold to North Atlantic Refining Ltd. at a price benchmarked to WTI.
I like these bits, looks like they have it all covered!
immediate planned activity
The PaP#1-ST#3 well continues to flow on a 24 hour basis, with additional on-site personnel already hired to cope with the increase in activity level.
to enable the Company to move quickly into the production phase once regulatory approval is secured