Oncolin expects to conclude this phase of the evaluation in the near future and depending upon a successful result will start the lease acquisition phase.
The company has also decided that it will not carry on with the earlier identified prospect that comprised of about 600 acres and 23 well bores situated in Louisiana that was announced on March 12, 2009.
It will prioritize the leasing and development of these fields after performing field studies and securing the essential funding to proceed.
