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Additional Information
Market: AIM
Sector: Energy
EPIC: ENEG
Latest Price: 17.25p  (-1.43% Descending)
52-week High: 20.75p
52-week Low: 7.25p
Market Cap: 18.31M
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Enegi Oil
www.enegioil.com

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 Newfoundland, Canada, which, although lightly explored, is in an active petroleum system with light oil having been discovered there. The Group's assets in Newfoundland include a discovery at Garden Hill South as well as leads and prospects at Shoal Point, Garden Hill Central and Garden Hill North.  The Company also has an onshore licensing option over the Clare Basin in Ireland, which is on the same fault system trend as the leads and prospects in Newfoundland.

 

Full Enegi Oil profile here
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Enegi Oil says the next stage of Garden Hill South workover has begun

12th Jan 2012, 8:22 am by Ian Lyall Last week Enegi shares rocketed 50 per cent after it confirmed that the 3K39z Shoal Point well encountered liquid hydrocarbons over the entire gross section of the well below 700 metres.

Enegi Oil (LON:ENEG)  said this morning that the next stage of the workover has begun at Garden Hill South in Newfoundland with chemically condition crude being pumped down well PaP#1-ST#3.

The work being carried out by Schlumberger will ready the well for commercial production.

However, it will provide further data that will enable the company to complete the development plan for Garden Hill South with the ultimate objective of significantly enhancing recoveries. 

Chief executive Alan Minty said:"We are delighted that the next stage of the workover has now commenced. 

“The workover represents a significant step as we work towards establishing full field development programmes for GHS and our other Canadian assets. 

“We believe this programme will contribute to the demonstration of commerciality of the GHS discovery, which Hunt Oil in 1995 initially flowed at rates of up to 1,742 barrels of oil per day and 1,528 barrels from two separate intervals.  

“These are exciting times for the Company as we embark on and benefit from activity on our assets."

Last week Enegi shares rocketed 50 per cent after it confirmed that the 3K39z Shoal Point well encountered liquid hydrocarbons over the entire gross section of the well below 700 metres. 

The company said that a number of tests are planned. This work will take between nine and twelve weeks to complete, it added.

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