Enegi Oil

Our objective is to create value for shareholders through capital growth. We plan to achieve this through developing a portfolio of oil and gas assets ranging from exploration through appraisal, development and production, but which is weighted towards appraisal and development.

We believe there are several key elements in achieving our objective, including:

• An ability to consistently identify, acquire and develop under-exploited oil and gas assets that can be quickly progressed into production;
• The avoidance of concentration risk, so for those assets where the presence of hydrocarbon is not clearly established, we will seek to de-risk our interests so that our resources, and risk, are not concentrated in a single area; 
• An ability to undertake low capital investment approaches to increasing the value of exploration assets.

Our geographical areas of interest include Canada and Ireland, both of which have a well established hydrocarbon industry.

Enegi’s current operations are focused on opportunities on and around the Port au Port Peninsula in Newfoundland, Canada and the Clare Basin in County Clare, Ireland. The Port au Port Peninsula is located in western Newfoundland, which, although lightly explored, is in an active petroleum system with light oil having been discovered on a number of occasions. The Clare Basin is located in western Ireland and initial technical studies show that it has the potential to contain shale gas.

The Group’s working interests in Newfoundland are held through an onshore petroleum lease, PL2002-01, and two offshore exploration licenses, EL1070 and EL1116. Working interest in Ireland is held through an onshore petroleum licensing option, ON11/1. For further information on the lease, the licences and the licensing option, please view Lease & Licences page.

It is estimated that approximately 35 per cent of conventional, light crude oil produced in Canada in 2010 came from the Province of Newfoundland and Labrador. The Province currently has a 115,000 barrels of oil per day refinery, and there is also a transhipment terminal servicing the offshore petroleum industry that has a storage capacity of three million barrels. Newfoundland and Labrador is strategically positioned on international shipping lanes, giving unique access to global petroleum markets.

Based on analogue basin reviews and source rock modelling, it is estimated that the Atlantic Basins offshore Ireland have an unproved potential of at least 10 billion boe. Ireland has an extensive gas pipeline and processing infrastructure, and a LNG (Liquefied Natural Gas) plant has been proposed.

Canada

The petroleum lease, PL2002-01, allows for the production of hydrocarbons from an onshore area on the Port au Port Peninsula, western Newfoundland. The lease was issued in 2002, and is the first and only onshore production lease granted by the Province of Newfoundland and Labrador.

PL2002-01 contains the discovered field, Garden Hill South, as well as two other leads, Garden Hill Central and Garden Hill North. In 2010, initial sedimentalogical and geochemical studies were performed on PL2002-01 which indicated the presence of a further possible lead.

Exploration licence EL1070 confers rights to explore for petroleum in an offshore area off the Port au Port Peninsula, western Newfoundland. The license was issued on the 15th January 2002 to Canadian Imperial Venture Corporation (CIVC) for a total license period of 9 years. The license is split into two consecutive periods. During the first period, the interest holder is required to drill or spud and diligently pursue one exploratory well in order to continue to the second period.

EL1070 contains a conventional prospect, Shoal Point, and a less conventional, shallower shale play.

For further information on the areas of operation on the Port au Port Peninsula please Click Here.

Ireland

In February 2011, Enegi was informed by the Department of Communications, Energy and Natural Resources in Ireland that it had been awarded an onshore petroleum licensing option, ON11/1. ON11/1 covers an area of approximately 495 km2 within the Clare Basin in County Clare, Ireland. The Clare Basin is within the same fault system trend as the Company’s prospect/leads and discovery in Newfoundland.

The award of ON11/1 grants Enegi exclusive rights to undertake a defined programme of work, on areas of interest within the Clare Basin, within the two year option period, which expires on 28th February 2013. There are various elements in the work programme, including the delineation of prospective areas, the quantification of their gas potential, the identification of potential drilling targets and the identification of optimal well design. Depending on the results of the programme of work, an application may be made for an Exploration License over all or part of the areas covered by ON11/1 for the right to conduct drilling activities.

ON11/1 contains the Clare Shale, an organically rich source rock that may contain shale gas.

Directors

Alan Minty - Executive Chairman and Chief Executive Officer

Alan has over 30 years experience in mining, petrochemicals and oil and gas sectors. He commenced his career with Anglo-American in Zambia, worked in Saudi Arabia for Occidental before becoming a risk advisor for the Norwegian Petroleum Directorate in 1979. Since then he has worked on major contracts for clients such as Mobil, BP, Amerada Hess, Shell, Texaco, and, in Newfoundland, on the Hibernia, Terra Nova, and White Rose projects. Alan has a BSc in Mechanical Engineering, a MSc in Management Studies, is a Chartered Engineer and a Chartered Marine Engineer.

Damian Minty - Chief Financial Officer

Damian is a Chartered Accountant with over 15 years' experience. His initial experience was as an auditor in a large accountancy firm before moving to London to work at JP Morgan and Deutsche Bank. Damian was the Commercial Manager of Enegi Oil after the IPO before taking over as Chief Financial Officer in 2009. He holds a BSc in Computer Science and Management Studies.

Alex Lamb - Non-executive Director

Alex is Chairman of British Engines Limited, an engineering company supplying the oil and gas industry. Before joining British Engines, Alex trained as a Chartered Accountant (CA) with Price Waterhouse, qualifying as a CA in 1996. After qualifying he worked within the Audit and Transaction support department with a number of listed and international companies. Alex has a degree in Economics from Heriot Watt University.

Chairman of the Audit Committee and member of the Nomination Committee.

David Parry - Executive Director

David has been working with public and private companies in the natural resource sector over the past 15 years. He has an extensive network of contacts and relationships throughout Europe, the Former Soviet Union, Asia and Africa. David has considerable experience in mergers and acquisitions and has raised significant funds from both European and Canadian markets. David has been a Director of public companies since 2004 and is currently an Independent Director of Abenteuer Resources Corp., a post he has held since August 1, 2008.

Frank Jackson - Non-Executive Director

Frank has over 20 years experience in the oil and gas sector where he has raised significant funds, taken companies to market and negotiated hydrocarbon asset transactions. Most recently, Frank was the Executive Commercial Director of Aurelian Oil and Gas which during his association with the company raised over C$100m.  Frank has an MBA from the University of Cape Town and is a Fellow of Chartered Institute of Secretaries and Administrators.

Chairman of the Nomination Committee and member of the Remuneration and Audit Committees.

Derek Cochrane - Non-Executive Director

Derek has over 30 years experience in the oil and gas sector mainly working for British Petroleum in which he was exposed to a broad spectrum of commercial issues including asset management, strategy development and opportunity assessment. Most recently Derek assisted in the formation of Skana Capital Corp, a TSX Ventures Merchant Bank established to invest in oil properties which raised C$30m from fund managers in Canada and Europe.

Chairman of the Remuneration Committee.

Senior management

Tejvinder Minhas - Company Secretary

Tej is a Chartered Secretary and has been the Company Secretary for Enegi Oil Plc. since September 2007. He has extensive experience advising on commercial, contractual, legal and compliance matters. Prior to joining, Tej worked as a Commercial Manager within the oil and gas sector. He holds a BSc in Economics and a Graduate Diploma in Law.

David Lau - Commercial Manager

David has considerable experience in arranging financing, facilitating risk-based decision making and advising on investments. Prior to joining, David worked as a Risk Analyst in the oil and gas sector and was a qualified stockbroker and financial advisor. He holds an MEng in Chemical Engineering and a Graduate Diploma in Law.

Number of securities in issue: 97,535,993 

Percentage of securities not in public hands: 16.9% 

Identity and holdings of significant shareholders

Updated from Enegi Oil website 19.03.2012