NUOG.L Regulatory News (NUOG)

24 Mar 2009 07:00



ENEGI OIL PLC

Trading symbols:

London Stock Exchange: ENEG

Bourse de Luxembourg: GB00B29T9605

24 March 2009

Enegi Oil Plc 

('Enegi' or 'the Company')

Board changes

Enegi, the western Newfoundland focused oil and gas company, today announces changes to its board structure.

As previously announced, the Company is undertaking an operational and financial review with its advisers. One of the preliminary conclusions is that, without production from Garden Hill South, the operational and administrative demands of the business are much lower than the directors originally anticipated. As a result of this, Enegi has undertaken to streamline its operational and board capacity.

Clive Fowler is stepping down as Non-executive Chairman. Alan Minty will become Executive Chairman, working on a part time basis, and relinquish his role as Chief Executive Officer. Alan's focus will be on the Company's strategic direction and accessing new opportunities in Atlantic Canada. These changes are effective immediately.

Thom Board will take over as Chief Executive Officer. Thom (age 38) has over fifteen years in the oil and gas business. He started his career with a privately owned sub-sea engineering group in Aberdeen in the early nineties. Since then he has held a variety of management positions within both E&P and oilfield service companies. His experience entails operational management, business development, mergers and acquisitions, and extensive fundraising. Thom's appointment will be effective from 1 April 2009.

Previous directorships or partnerships that Thom Board has held include:

Athol Energy plc 

CoMiCo (BVI) Limited

Greendale Universal Holdings Ltd 

inasafeplace.com Ltd

NamQuest Oil & Gas plc

Nature Environmental Solutions Limited

Nature Technology Solutions Limited

Visund Partners LLP

Visund Technology Limited

There are no further disclosures required under schedule 2(g) of the AIM Rules.

Alan Minty, Executive Chairman of Enegi, said: 

"I would like to thank Clive for his important contribution to the business both in the run up to our IPO last March and during our first year as a public company. He has been a key part of the Enegi team and a valued colleague. We would like to take this opportunity to wish him well in all his future endeavours. We are very pleased about the arrival of Thom Board. Thom's blend of operational and strategic experience will provide the foundation to take Enegi forward."

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 a proven discovery, Garden Hill South, and four prospects: Shoal Point, Garden Hill Central, Garden Hill North and Lourdes.