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Enegi Oil aims for success in Canada

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    Date: Thursday 20 Mar 2008

    LONDON (ShareCast) - Enegi Oil edged ahead today after the independent oil and gas group made its debut on London’s AIM following a fundraising that bagged around £15m.

    The group, focused on oil and gas in western Newfoundland, Canada, placed shares at 181p each to value the business at about £55m.

    It said the proceeds from the fundraising will be used to carry out the group's work programme to acquire new or additional working interests in oil and gas assets.

    The work programme for 2008 involves the drilling of an exploration well on Shoal Point and a horizontal production well on Garden Hill South.

    Commercial production and bookable reserves are expected this year and plans are being developed to ensure the oil can be exported.