Garden Hill ResultsEnegi Oil Plc
('Enegi' or ‘the Company')
Garden Hill South well result
Enegi, the western Newfoundland focused oil and gas company, announces the result of the flow test at Garden Hill South.
Following the Company’s announcements confirming the presence of oil and gas, the Company commenced a flow test on the PAP#1-ST#3 well at Garden Hill South on 21 January. At this time, the Board has concluded from the preliminary result of the flow test that the well is sub-economic and it has been temporarily shut in. The Company expects the preliminary results to be confirmed by further analysis.
The well has proved the presence of producible oil at the southern end of an identified trend. This trend contains potentially drillable untested leads, Garden Hill Central and Garden Hill North, in Enegi acreage to the north east. During the drilling of the well and the subsequent flow test, 6,146 barrels of high quality crude oil were produced as well as associated gas. The Company is now considering its options and is working with Cenkos Securities, its Nominated Adviser, in reviewing these alternatives. A further announcement will be made when the Company has greater clarity on the outcome of this review.

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