Dutchess Opportunity Cayman Fund, Ltd. arranged by their joint venture partner First Columbus is pleased to announce a £525,000 Note Agreement (“Note”) with Enegi Oil PLC, the independent oil and gas company with a portfolio of assets located in the UK North Sea, Newfoundland Canada, Ireland, and Jordan, to accelerate the development of the Company's short term production projects.
The Note shall be repaid in six equal tranches on a monthly basis for the six months immediately following the date of first drawdown. Following repayment of the Loan, Shares remaining in the escrow account will be returned to the Company and it is the Company’s current intention to transfer such shares to treasury.
Douglas Leighton, managing partner of Dutchess stated, “We have a long history of working with resources and particularly oil and gas companies and have developed a methodology / structure that is exceptionally well suited to the funding requirements of these companies. The Enegi story has moved on significantly in the last few months and we look forward to continuing to work with the management at Enegi as they execute on their business plan to bring value to the shareholders”.
Alan Minty, CEO of Enegi Oil commented, “Enegi is at a very exciting stage in its development as we continue to deliver our strategy of creating a balanced portfolio across the E&P cycle. Dutchess knows Enegi well and understand our strategy and what we are trying to do. We look forward to continuing to work with Dutchess as we look to deliver on our objectives.”
Chris Crawford, managing partner of First Columbus ‘We have been working with Enegi for a number of years and are delighted to have been able to help provide a cost effective funding solution to enable the company to progress the development of their exciting portfolio of projects.’
About Dutchess Capital
Dutchess Capital was founded in 1996. Since then, Dutchess has been a market leader and innovator in providing ELFs and other unique financing structures for publicly-traded companies.
Dutchess has transacted over $2 billion in ELF commitments and over $200 million in direct investments globally. Dutchess has over 15 years of experience assisting companies as well as the financial wherewithal to fund the company throughout the entire commitment.
Dutchess sources worldwide investment opportunities, with offices in Boston, New York, Seoul and Beijing and joint venture partner First Columbus in London.
For more information, visit: http://www.dutchesscapital.com/
Douglas Leighton Dleighton@dutchesscapital.com
About First Columbus
First Columbus Investments is an independent corporate broker and investor with a long and successful track record of working with UK and International companies in London’s mid and small-cap market.
First Columbus is dedicated to providing a high quality broking service for clients offering a broad range of corporate finance and investment services, covering broking, sales, research and direct investment.
First Columbus Asset Management (FCAM) is formed by the Joint Venture with Dutchess Capital. We focus on listed companies with strong growth potential to offer funding solutions, including equity, debt and structured equity and participation in primary and secondary offerings.
For more information, visit: http://www.first-columbus.com/
+44 20 3002 2070
About Enegi Oil
Enegi Oil Plc is an independent oil and gas company whose strategy is to create an oil and gas company with a diversified portfolio of assets across the E&P value chain. The Company’s current portfolio is made up of operations focused on opportunities around the Port au Port Peninsula in Newfoundland, Canada, the Clare Basin in County Clare, Ireland, the UK North Sea and Jordan. 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 Company’s licences in the UK North Sea benefit from significant previous exploration investment, and have been selected based on buoy technology operating criteria. The Company has also entered into the highly prospective Dead Sea and Wadi Araba in Jordan with its partner Korea Global Energy Corporation.