9th Feb 2009 07:03
ENEGI OIL PLC
Trading symbols:
London Stock Exchange: ENEG
Bourse de Luxembourg: GB00B29T9605
9 February 2009
Enegi Oil Plc
('Enegi' or 'the Company')
Garden Hill South well result
Enegi, the western Newfoundland focused oil and gas company, announces the result of the flow test at Garden Hill South.
Following the Company's announcements confirming the presence of oil and gas, the Company commenced a flow test on the PAP#1-ST#3 well at Garden Hill South on 21 January. At this time, the Board has concluded from the preliminary result of the flow test that the well is sub-economic and it has been temporarily shut in. The Company expects the preliminary results to be confirmed by further analysis.
The well has proved the presence of producible oil at the southern end of an identified trend. This trend contains potentially drillable untested leads, Garden Hill Central and Garden Hill North, in Enegi acreage to the north east. During the drilling of the well and the subsequent flow test, 6,146 barrels of high quality crude oil were produced as well as associated gas.The Company is now considering its options and is working with Cenkos Securities, its Nominated Adviser, in reviewing these alternatives. A further announcement will be made when the Company has greater clarity on the outcome of this review.
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Enegi Oil |
Tel: + 44 161 817 7460 |
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Alan Minty, CEO |
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Kevin McNair, CFO |
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Cenkos Securities |
Tel: + 44 207 397 8900 |
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Joe Nally |
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Stephen Keys |
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Fox-Davies Capital |
Tel: + 44 207 936 5200 |
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Daniel Fox-Davies |
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College Hill |
Tel: + 44 207 457 2020 |
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Nick Elwes |
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Paddy Blewer |
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www.enegioil.com
The Company
Enegi Oil Plc is an independent oil and gas group whose objective is the identification, development and operation of hydrocarbon opportunities. The Group's current operations are focused on assets on and around the Port au Port Peninsula in western Newfoundland, which, although lightly explored, is in an active petroleum system with light oil having previously been discovered there. The Group's assets include Garden Hill South, Shoal Point, Garden Hill Central, Garden Hill North and Lourdes.
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