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16 Feb 2009 07:00
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ENEGIΒ OILΒ PLC
Trading symbols:
London Stock Exchange: ENEG
Bourse de Luxembourg: GB00B29T9605
16Β FebruaryΒ 2009
Enegi Oil PlcΒ
('Enegi' or 'the Company')
Operational and corporateΒ update
Enegi, the westernΒ NewfoundlandΒ focused oil and gas company, provides anΒ operationalΒ and corporateΒ update.
Following Enegi'sΒ announcementΒ of the preliminary results of theΒ PAP#1-ST#3 wellΒ on 9 February,Β theΒ CompanyΒ is examining various options for improving the flow rate and recovery from the well. It is too early, however, to determine whether any of these options will be technically effective orΒ economicallyΒ justifiable.Β The Company is also continuing to investigate the geological implications of the GHS well in relation to the trend of undrilled prospects in the group'sΒ 100% owned acreage to the north east.
Enegi has been advised that the financial position of PDI Production Inc. ('PDIP'), the Company's wholly owned Canadian subsidiary, has been materially adversely affected by results of the PAP#1-ST#3 which was expected to generate revenue for the group going forward. PDIP now has liabilities in excess of its assets and has entered into discussions with its creditors to reschedule payment of its liabilities.
Enegi is working closely with PDIP to ensure that the group's assets continue to be developed and the value of those assets is maximizedΒ for the benefit of shareholders. To this end, the Company isΒ continuing the reviewΒ of its operational and financial options thatΒ it announced previously. Further announcementsΒ will be made when the Company has greater clarityΒ on theΒ outcome of thisΒ reviewΒ and any update on the financial position of PDIP.
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Enegi Oil |
Tel: + 44 161 817 7460 |
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Alan Minty, CEO |
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Kevin McNair, CFO |
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Cenkos Securities |
Tel: + 44 207 397 8900 |
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Joe NallyΒ |
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Stephen Keys |
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Fox-Davies Capital |
Tel: + 44 207 936 5200 |
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Daniel Fox-Davies |
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College Hill |
Tel: + 44 207 457 2020 |
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Nick Elwes |
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Paddy Blewer |
www.enegioil.com
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 auΒ PortΒ PeninsulaΒ in westernΒ Newfoundland, which, although lightly explored, is in an active petroleum system with light oil having previously been discovered there. The Group's assets include Garden Hill South, Shoal Point, Garden Hill Central, Garden Hill North andΒ Lourdes.
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