ENEG.L Share News (ENEG)

AIM-listed Enegi Oil has issued an upbeat assessment of its Canadian oil operations.In an operational update the company says it has ended a "farm-in" agreement with Fire Horse Energy to enable it to directly control "workover" activities. Essentially these are activities to improve the efficiency of the well that is located in Port au Port, Western Newfoundland.The company highlights the results of the latest work on the well. It claims "performance is much better".The most significant part of the update is the statement that: "The improvement in connectivity coupled with the well performance under choked conditions indicates that the well is in contact with more oil than previously estimated."The market responded positively to the release, with the company's shares up 88p to 1,562p, a rise of 5.93%.BS