Newfoundland-focused Enegi Oil says it expects to be ‘self-financing by the end of 2008’.

The Manchester-based company, which floated on AIM and the Luxembourg exchange in March, says drilling at Garden Hill South, in the Port au Port peninsula in the east of the Canadian province is proceeding well, with one well, PAP 1-ST expected to produce between 2,000 and 2,500 barrels a day for the first year of production. Chief executive officer and substantial shareholder Alan Minty says ‘we are very excited about the progress we are making at Garden Hill South’, where ‘production is expected by the end of the year’.

Enegi shares have plunged since May from 202p to 57.5p, valuing the company at £17.5 million.

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Enegi Oil	AIM	£15.96m	52.50p	0.00p
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