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31 Jan 2012 12:23
ENEGI OIL PLC
AIM ticker: 'ENEG'
OTC ticker: 'EOLPF'
31 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 30 January 2012 that a new side track (3K39Z) well will be drilled and approval for the work has been secured.
SPE indicates that 3K39Z will be drilled from the existing 3K39 well by setting a whipstock at approximately 1585 metres and drilling ahead to the base of the Green Point Formation. Subject to final regulatory approvals, tests will then be performed to determine the flow potential and reservoir characteristics of unstimulated, fractured Green Point shales.
SPE expects the program to take up to 60 days to complete.
Alan Minty, CEO of Enegi Oil Plc., commented:
"The drilling of a sidetrack well is a significant undertaking, which clearly shows SPE's belief in the Green Point shales. We are excited by the prospect a positive result from the sidetrack would have on us and we eagerly 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
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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.
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