Enegi Posts Financial Results for '09

Enegi announced its interim results for the six months ended December 31, 2009.

Key Points:

  • PDIP concluded an agreement with a farm-in partner for the PAP#1 well
  • Raised £1.5 million via a share placing in September to meet working capital needs and complete farm-in agreement
  • Raised £1.3 million via a share placing in December to acquire in full the remaining interest of CIVC Creditor Corporation in the Western Newfoundland assets
  • On EL1070, PDIP acquired 100% interest in the St. George's Group play in exchange for its interest in the less conventional, shallower shale play
  • Further evaluation shows PAP#1 well capable of generating cyclical production - Company recommenced operations in November 2009
  • Recommencing operations has provided revenue and further invaluable data on the geology of Garden Hill South


  • Completion of work-over operation at Garden Hill South expected to enhance productivity
    • Swabbing exercise taking place in the coming weeks
  • Identification of further opportunities

Alan Minty, Executive Chairman of Enegi Oil commented, "The last six months has seen us get the Company into position for the future and start to get back to doing what we should be doing, developing hydrocarbon assets. While the financial results don't reflect the work that the Enegi team have undertaken and achieved in the last six months; we are now reaching a time when the results of this work are beginning to show through in other ways. We look forward to being able to share further positive news and operational updates with our shareholders and delivering them the value that our assets have the potential to provide."