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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Nu-Oil and Gas PLC    NUOG   GB00B29T9605

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Enegi Oil Plc : Appointment of Chief Operating Officer

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09/04/2012 | 09:08am CET
ENEGI OIL PLC AIM ticker: 'ENEG' OTC ticker: 'EOLPF'

4 September 2012

Enegi Oil Plc

('Enegi' or 'the Company')

Appointment of Chief Operating Officer

Enegi is pleased to announce that Derek Cochrane, currently a Non-Executive Director, will become
Chief Operating Officer with immediate effect.
This appointment increases the operational capability within the Company's management team. Derek will, primarily, be responsible for assessing and managing the operational needs of the Company with respect to its hydrocarbon assets which is particularly important at this time as the Company assesses a number of opportunities to expand its asset portfolio. The appointment has the added benefit of strengthening the operational experience of Enegi as the Company concludes its plans with respect to the PAP#1 ST#3 well and its Newfoundland regional development play.
Enegi's management regularly conducts reviews and appraisals of both its existing asset base and new, unsolicited opportunities. Some deals present themselves in the form of asset swaps or farm- ins, while others include the potential acquisition of multiple properties and existing corporate entities. Enegi is actively involved in reviewing and grading such opportunities, and management remains keen to continue growing the Company's asset base and production profile using a variety of means.
Derek has over 30 years' experience in the oil and gas sector, mainly working for British Petroleum ('BP') where he was exposed to a broad spectrum of issues, covering the entire project lifecycle, including opportunity identification and assessment, strategy development, logistics planning and procurement and asset management. Derek spent his first five years with BP as a drilling engineer on exploration projects in the UK, China, Egypt and Australia, and subsequently worked in areas as diverse as the UK and the Netherlands, Malaysia and Russia, managing joint ventures and business units involved in the delivery and operation of assets and the development of onshore and offshore fields. More recently, he was involved in the acquisition and management of oil and gas prospects in the USA and Canada, through a Canadian TSX ventures company established to provide strategic investment into resource-based opportunities with significant potential for appreciation. Derek has particular experience of bringing projects with near-term production potential quickly online, which will be invaluable in the development of opportunities that the Company is currently reviewing.
The Board has also been informed that David Parry intends to step down from his position as an Executive Director as a result of a substantial increase in work commitments he has experienced with regard to his other business interests. The Board is keen to retain David's valuable input and he has agreed to accept a position as a Non-Executive Director, effective immediately.

Alan Minty, CEO of Enegi Oil Plc., commented:

"We are delighted that Derek has agreed to join us in an executive capacity as we firmly believe that his knowledge and expertise will be invaluable in meeting the increasingly heavy workload that the Company is experiencing as we continue to deliver on our existing assets and evaluate new opportunities. We would also like to thank David for his contribution and look forward to continuing to work with him in his new role as a Non-Executive Director." Enegi Oil

Alan Minty, CEO Tel: + 44 161 817 7460

Cenkos Securities

Jon Fitzpatrick Tel: + 44 207 397 8900
Neil McDonald Tel: +44 131 220 9771

College Hill

Nick Elwes Tel: + 44 207 457 2020
Alexandra Roper

www.enegioil.com Facebook (Enegi Oil PLC) Twitter (@enegioil) The Company

Enegi Oil Plc is an independent oil and gas company. Current operations are focused on opportunities 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.

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