Enegi Expects Production Buoy Initiative, Canada Progress to Gather Pace

UK junior Enegi Oil said Thursday that progress with its marginal field initiative and with its western Newfoundland assets look set to gather pace this year.

Enegi reported that it has reinstated production at its Garden Hill site in western Newfoundland, which was suspended last year after the sudden death of its Garden Hill site operations manager. The company has now recruited and trained a well site supervisor who is now overseeing the continuation of the ongoing testing of the PAP#1-ST#3 well – where initial pressure recovery following production periods has been "extremely encouraging", allowing the well to flow freely at high rates for short intervals (in line with the sustained production process that Enegi established last year).

Energi said that it continues to work closely with Black Spruce Exploration (BSE) to ensure that all technical and regulatory issues relating to the upcoming drilling program that will target a known reservoir at the Garden Hill site.

As announced on January 17, Energi has also received confirmation from the Canada-Newfoundland and Labrador Offshore Petroleum Board of a one-year extension to Period I of the EL1116 exploration license, where the drilling of an onshore-to-offshore well targeting the St George's Bay prospect is planned for later this year.

Meanwhile, Enegi is hoping its joint venture with ABTechnology for an unmanned production buoy system can add to the two licenses it gained during the last UK offshore licensing round. ABT Oil and Gas is currently identifying and evaluating assets that are available in the UK's 28th Seaward Licensing Round that will be suitable for the production buoy system.

Enegi CEO Alan Minty commented in a company statement:

"The company made significant progress in 2013 and I am pleased that the momentum we built up has been carried over into 2014 and looks set to gather pace, particularly in relation to our marginal field initiative and our assets in western Newfoundland.
 
"We are excited that BSE share our vision for the future of western Newfoundland and believe that consolidating production at Garden Hill is the logical first step towards delivering a regional development program for western Newfoundland that will benefit not only Enegi, but all those involved in exploration and development activities in the area.  We are very pleased to be moving things forward through our focus on conventional targets at a time when the moratorium on fracking is slowing progress on many other developments in the area.
 
"The progress that we have seen in our marginal field initiative in such a short period of time has been fantastic.  We are already involved with two large projects and, given the interest and discussions we have had to date, expect to make further announcements in time.  We believe that we have the appropriate technologies, the partners and the business model to ensure that we will play a significant role in this arena and in shaping the future of the UKCS."



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