Sign In
18 Jan 2012 10:31
ENEGI OIL PLC
AIM ticker: 'ENEG'
OTC ticker: 'EOLPF'
18 January 2012
Enegi Oil Plc
('Enegi' or 'the Company')
EL1070 Update
The Company is pleased to note the announcement issued by Shoal Point Energy ("SPE") on 17th January 2012 that they have reached an agreement with NWest Energy Corp. to acquire a 100% interest in all the rights in EL1079R, which covers the extent of the Green Point Oil-in-Shale in the northern half of western Newfoundland offshore area.
In the same announcement, SPE also indicated that cased-hole operations continue at its Shoal Point 3K-39 location with this stage of operations, which will prepare the cased borehole for sidetracking (3K-39z) and deepening of the well expected to last 7-10 days. The announcement indicates that SPE are working diligently to finalise all approvals for the deepening and testing of the well, and they expect that all approvals will be forthcoming.
Alan Minty, CEO of Enegi Oil Plc., commented:
"Further studies are required to assess the significance of the Green Point Shale on our acreage in PL2002-01. However, the action taken by SPE is a positive indication to us of the potential of the play. We are also pleased to note that operations are progressing well at the 3K-39 location and look forward to further announcements over the coming weeks."
Enegi Oil Tel: + 44 161 817 7460
Alan Minty, CEO
David Parry, Director Tel: + 1 604 568 0733
Cenkos Securities Tel: + 44 207 397 8900
Jon Fitzpatrick
Neil McDonald
College Hill Tel: + 44 207 457 2020
Nick Elwes
www.enegioil.com
Facebook (Enegi Oil PLC)
Twitter (@enegioil)
The Company
Enegi Oil Plc is an independent oil and gas company. Current operations are focused on opportunities around the Port au Port Peninsula in Newfoundland, Canada and the Clare Basin in County Clare, Ireland. 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 Clare Basin is located in western Ireland and initial technical studies show that it has the potential to contain shale gas.
Follow the stocks
