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Eaglewood announces start of the PPL 259 Drimgas seismic programme

Friday, Nov 16, 2012

Eaglewood Energy Inc. (the "Corporation") (TSX VENTURE:EWD) is pleased to announce the start of a new 2D seismic survey over Petroleum Prospecting License 259 in Papua New Guinea, in support of selecting a drilling location in 2013.

The Corporation will initially carry out a 63 line km shoot over the western portion of the licence area, primarily focussed on high-grading the Nama and Malisa Leads delineated by seismic acquired in April 2012, as well as an exploration line over the Ekelesia Lead. A second phase of seismic data acquisition will be considered following the analysis of results from this first phase.

The first phase of the survey will take approximately three months, with interpreted results available by February 2013. The Corporation anticipates that results from the contingent second phase would be available by April 2013. The PPL 259 joint venture is scheduled to begin work commitment drilling operations in the licence next year.

Source: Marketwire

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