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17 Jul 2009 07:00
ENEGI OIL PLC
Trading symbols:
London Stock Exchange: ENEG
Bourse de Luxembourg: GB00B29T9605
17 July 2009
Enegi Oil Plc
('Enegi' or 'the Company')
Operational and Corporate Update
Enegi, the Newfoundland focused oil and gas company, is pleased to provide the following operational and corporate update.
The Company continues, as announced in February,to review its options with regard to its portfolio of assets. These options include, but are not limited to, exploring farmout opportunities on its current assets and the expansion of its portfolio through the acquisition of additional new projects. The board of Enegi expect that a further update on these options will be announced in the near future.
The Company is also pleased to provide an update on the financial position of its Newfoundland operating subsidiary, PDI Production Inc. ('PDIP'). PDIP informed Enegi, in February this year, as announced on February 16th, that it was technically insolvent. Since then PDIP has continued discussions with its creditors and has now informed the Company that it believes that it will be able to restructure the majority of its debt so that it will be repayable over the course of the next 12 months.
Alan Minty Chairman & Chief Executive commented:
"Whilst the last few months have been very difficult for the Company we are pleased with the progress that both the Enegi and PDIP have made. With the PDIP situation resolving itself we expect that, with the plans we are in the process of finalising, we can now get back to doing what we do best; building Enegi into a leading oil and gas exploration and development company".
Enegi Oil Tel: + 44 161 817 7460
Alan Minty, Chairman & Chief Executive Officer
Cenkos Securities Tel: + 44 207 397 8900
Joe Nally
Stephen Keys
College Hill Tel: + 44 207 457 2020
Nick Elwes
Paddy Blewer
www.enegioil.com
The Company
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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