Enegi steps up evaluation of offshore Newfoundland prospect

Offshore staff

MANCHESTER, UK -- Enegi Oil (AIM:ENEG) has provided an update on its work on the St. George’s Bay prospect within the EL1116 permit offshore Newfoundland.

Calgary-based Deloitte has issued a Competent Person’s Report (CPR), based on interpretation of more than 1,000 km (621 mi) of existing seismic data, and logs from previously drilled wells A-09, A-36 and PaP#1. These indicate potential resources in the range 24-109 MMbbl, with a “best case” of just over 51 MMbbl.

The St. George’s Bay structure is part of a trend that continues southwest offshore from the onshore Garden Hill field in the Ordovician Carbonate platform. There is evidence of a regional petroleum trend stretching southwest from EL1070 permit which contains the Shoal point lead.

Enegi’s understanding is that the A-09 and A-36 wells, which encountered tight, impermeable, dolomotized carbonate reservoir, were drilled too far west of the Round Head Thrust to have been altered by hydrothermal fluids and therefore did not develop effective reservoir quality.

This could be resolved by drilling new locations targeting the eastern flank of the anticline closer to the Round Head Fault.

Before that, however, further seismic data will be needed to enhance the existing interpretation, and Enegi has started an environmental assessment process to obtain necessary permissions.

The data will likely cover both the St. George’s Bay prospect and other identified leads.

4/12/2013

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