News blog

Enegi Oil

• BY: Andrew Hore |
• POSTED: 09/10/2014 |

Enegi Oil is increasingly confident that the Phoenix discovery in the central North Sea is a potential candidate for development using its marginal field technology.

In August 2014, four years after the drilling of an appraisal well by Apache, the information from the well became public knowledge. This has confirmed the findings of the more recent exploration. The project can now be moved forward.

Azinor Petroleum is earning a 50% stake in the exploration acreage and Enegi will retain the rest.

At 2.63p a share, Enegi is valued at £4.85m.

In February, Enegi raised £2m at an average share price of 8.07p, although that includes £500,000 as part of a 12 month equity swap with Yorkville that had a benchmark price of 8.88p a share. The share price has been below this benchmark price so Enegi will have received much less than the nominal £250,000 for the first six months of the equity swap. 

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2014_60.pdf