23 Jun 2014 13:29
ENEGI OIL PLC
AIM ticker: 'ENEG'
OTC ticker: 'EOLPF'
23 June 2014
Enegi Oil Plc
("Enegi" or "the Company")
Clarification Statement in response to press comment
The Company wishes to respond to comments and quotes attributed to David Murray, President of Black Spruce Exploration ("BSE"), made at the NOIA Conference held in St John's, Newfoundland and reported in the St John's Telegram (a Newfoundland based publication).
Under the terms of the Farm-in Agreement entered into between BSE and the Company (the "Farm-In Agreement"), until such time as BSE concludes activities stipulated thereunder it does not hold any interest in the Company's leases and licences in Western Newfoundland. Consequently, any reference to the leases and licences being 'jointly owned' is inaccurate. Furthermore, it is BSE's responsibility under the Farm-In Agreement to work diligently to obtain all the required approvals prior to the commencement of any activity. Consequently, any concerns surrounding the readiness of the drill-pad are the responsibility of BSE.
The Company is working with BSE to establish the status of all outstanding work streams and a further announcement will be made once that process has been concluded.
Enegi Oil | Tel: + 44 161 817 7460 |
Alan Minty, CEO | |
Nick Elwes, Director of Communications | |
Cenkos Securities | |
Neil McDonald | Tel: + 44 131 220 9771 |
Derrick Lee | Tel: + 44 131 220 6939 |
Shore Capital | Tel: + 44 207 408 4090 |
Jerry Keen | |
Patrick Castle | |
Instinctif Partners | Tel: + 44 207 457 2020 |
Catherine Wickman | |
David Simonson |
www.enegioil.com
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About Enegi Oil
Enegi Oil Plc is an independent oil and gas company whose strategy is to build a diverse portfolio of assets with a strong emphasis on acquiring interests in marginal fields. These marginal fields are low risk highly-appraised projects and consequently the Company's entry cost will be low. Enegi will look to develop these assets utilising ABTechnology's buoyant solutions, which are appropriate and change the development economics of a project. This is also expected to enable the early booking of reserves. The Company's current portfolio is made up of operations focused on opportunities around the Port au Port Peninsula in Newfoundland, Canada, the UK North Sea and Jordan. The Port au Port Peninsula is located in western Newfoundland, which, although lightly explored, is in an active petroleum system with light oil having been discovered on a number of occasions. The Company's licences in the UK North Sea have discovered hydrocarbons on them and have been selected based on buoy technology operating criteria. The Company has also entered into the highly prospective Dead Sea and Wadi Araba Block in Jordan with its partner Korea Global Energy Corporation.