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Epic ENEG
Time: 10:58:08
Mid Price: 10.50
Change Today: 0.00
Change % Today: 0.00
Fifty Two Week High: 24.25
Fifty Two Week Low: 2.88
Market Capital: 8.37
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Now: 10.50
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Additional information
Additional Information
Market: AIM
Sector: Energy
Epic: ENEG
News: Latest news
Web Site: Enegi Oil
Other Articles: 03-11-200901-10-200917-07-2009

Crude Oil

Enegi Oil

Enegi Oil Plc is an independent oil and gas group. Current operations are focused on four prospects around the Port au Port peninsula in western Newfoundland, which, although lightly explored, is in an active petroleum system with light oil having been discovered on a number of occasions.

Our mission is to drive value through the identification and acquisition of oil and gas assets that can be rapidly developed into production. Our vision is to become the leading junior oil and gas company in Atlantic Canada.

Our approach is to develop our assets profitably while recognising that we have a role to play in the development of the communities in which we work and the protection of the environment in the regions where we operate.
Friday, November 20, 2009

Enegi Oil completes interest swap with Canadian Imperial Venture Corp to gain access to St George Oil Play

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Enegi Oil (AIM: ENEG) announced that it has agreed a ‘project swap’ deal with Canadian Imperial Venture Corp (TSX-V: CQV, Frankfurt: DFM) and privately owned Shoal Point Energy. Under the terms of the deal, Enegi will gain 100% interest in the deeper formation on Exploration Licence 1070, the St George’s Group play. In return Enegi will transfer its interest in the licenses shallower, unconventional shale project the Green Point Formation.


Exploration License 1070 (EL1070) was issued in January 2002 to Canadian Imperial Venture Corporation. Later in 2006, CIVC farmed out 60% of its interests to Enegi Oil’s wholly owned Newfoundland operating subsidiary PDI Production Inc (PDIP).  PDIP subsequently farmed-out 28% of its 60% share of Shoal Point to SPE, in return for SPE paying 42.5% of the costs of drilling the well. Upon completion of the proposed deal, PDI Production will own 100% interest in the St George’s project.


EL1070 is located in Port au Port Bay in Newfoundland, Canada. The Licence comprises 103,040 hectares in water depths of less than 100m. Targets within the Bay are reachable by directional drilling from onshore surface locations. Two principal play types are recognized in EL1070 which according to the partners, equally have the potential to yield significant discoveries.


EL1070 provides a conventional structural play, the ‘St George’s’, in the middle Ordovician platform carbonates, which has produced hydrocarbons at Enegi’s Garden Hill South project, 40km to the South-East. Secondly EL1070 also presents the opportunity for an unconventional shale play in the Middle Cambrian to Lower Ordovician Green Point Formation which produced oil in historic wells on Shoal Point.


According to this morning’s statement, there was considerable debate on the relative merits of the two plays, in order to pursue the play of their choice the interest swap deal was agreed. The companies state ‘In this way, every company is able to maximize its interest in the play of its choice and pursue its development as rapidly and efficiently as possible’.


Enegi CEO, Alan Minty commented on the deal: "This transaction will enable us to focus and develop the play of greatest interest to us.  We believe the St George's play is very prospective and offers some good opportunities for us which we look forward to exploring further."

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