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MGM backs out of horizontal well Decides not to fund environmental assessment process in Central Mackenzie Valley Northern News Services Published Monday, November 12, 2012
On Oct. 4, its applications to the Sahtu Land and Water Board for a water licence and land use permit required to allow it to drill a horizontal well on its exploration license 466 were referred to an environmental assessment. "Shell Canada Energy has exercised its option under the Farmout Agreement with MGM Energy to not fund the environmental assessment process" and now it no longer has the option to drill a second well, according to a release statement. MGM Energy also announced that it will not be proceeding on its own with the environmental assessment process requested by the board in respect of the second horizontal well, and that its applications have been withdrawn. This action has no impact on MGM Energy's permits already issued in respect of a vertical well to be drilled this upcoming winter in the same area, according to the statement.
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