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Enegi Oil restarts oil sales in Newfoundland

Published: 07:12 11 Apr 2013 EDT

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Enegi Oil (LON:ENEG) has announced the restart of oil sales from the Garden Hill South operation in Newfoundland.

This comes as a new sustained production process has been established at the project.

"We are very pleased to have re-established production at site and to have identified and successfully implemented what we believe is a sustainable production process, after what has been at times a very frustrating year,” said Alison Pegram, chief executive of Enegi Oil.

“We are particularly encouraged that we have achieved this even before installation of an artificial lift system, but we continue to investigate this as a means to incrementally increase production rates."

Separately, Enegi also revealed that a new competent person's report (CPR) has confirmed the viability of an exploration and appraisal campaign for the St George’s Bay prospect, which is also in Newfoundland.

The CPR estimates a ‘best case’ prospective resources of 51.02mln barrels of oil, which is an 8.32mln barrel increase on the company’s previous estimate.

"Work continues apace on our assets in western Newfoundland,” Enegi chief executive Alan Minty said.

“The identification and implementation of a sustained production process on the Garden Hill Field provides us with confidence that the field represents a strong element of our portfolio. Further data will hopefully demonstrate that the revenue that can be generated will make the company self-sustaining.

“I am pleased with the results of the CPR on the St, George's Bay prospect and it reaffirms the company's belief in the opportunities presented by our land position in Western Newfoundland. 

“Furthermore, it provides us with confidence that our internal assessment processes are suitable to assess our assets.

 

“I look forward to the company continuing to deliver the targets that we have set ourselves."

 

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