25 May 2012

Enegi in placing talks

25/08/2009 Robert Tyerman

Canada-focused resources flop Enegi Oil says it is in ‘advanced stages of a fundraising’, which would be at 5p.

The Manchester-based company was floated on AIM last year at 181p on the back of prospects in the Canadian province of Newfoundland. But, earlier this year, a month after describing one of them, at Garden Hill South, as ‘tremendously exciting’, Enegi dismayed investors by warning preliminary flow test results from one well there showed it to be ‘sub-economic’.

The shares collapsed to 2.75p, with earlier suggestions of an 8.6-million barrel potential resource appearing to evaporate. However, last month, Alan Minty, Enegi’s chairman, chief executive and largest single shareholder, announced the company’s Newfoundland subsidiary had escaped from insolvency by agreeing a debt-restructuring plan with its creditors.

In upbeat tone, Minty then said Enegi would explore bringing in partners for its existing projects and acquiring new ones. He even declared ‘we can now get back to doing what we do best, building Enegi into a leading oil and gas exploration and development company’.

Now the company, helped by nominated adviser Cenkos Securities and Fox-Davies Capital, has confirmed City rumours about possible fundraising talks. The indicated price of 5p is a tiny fraction of earlier levels and compares with the shares’ current AIM quote of 8.38p, down 0.25p this morning, valuing Enegi at £2.5 million.

Tags: AIM, Debt, Fundraisings, Penny shares

Sector: Oil & Gas Producers

Companies: Enegi Oil

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