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19 Dec 2008 10:50
ENEGI OIL PLC
Trading symbols:
London Stock Exchange: ENEG
Bourse de Luxembourg: GB00B29T9605
19 December 2008
Enegi Oil Plc
('Enegi' or 'the Company')
Update on Garden Hill South drilling program
Enegi, the western Newfoundland focused oil and gas company, is pleased to provide an update on its drilling program at Garden Hill South.
The drilling of the horizontal section of the well has now been completed. The well has been acidized and cleaned out. The completion string is currently being run into the liner. This is expected to take approximately one week and will be followed by a flow test.
The overall duration of the flow test will depend upon the initial performance of the well. The expectation is that, following a successful flow test, the well would be put immediately onto production.
Garden Hill South is an onshore oil discovery that is 100% owned and operated by PDI Production Inc. ('PDIP'), the Company's 100% owned Canadian operating subsidiary. Previous production tests from Garden Hill South to date have produced over 24,000 barrels of high quality crude with a gravity of approximately 51° API. TRACS International has estimated that Garden Hill South contains mean unrisked resources of 8.6 mmboe.
Enegi Oil Tel: + 44 161 817 7460
Alan Minty, CEO
Kevin McNair, CFO
Cenkos Securities Tel: + 44 207 397 8900
Joe Nally
Stephen Keys
Fox-Davies Capital Tel: + 44 207 936 5200
Daniel Fox-Davies
College Hill Tel: + 44 207 457 2020
Nick Elwes
Paddy Blewer
www.enegioil.com
Qualified Persons
The information in this release has been reviewed by Barath Rajgopaul MSc (Mech. Eng.) C. Eng, a director of Enegi. Mr. Rajgopaul has over 25 years experience in the petroleum industry.
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.
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