Happy Holidays from Enefit American Oil!
  Many thanks to all for your continued interest in and support of Enefit’s Utah Project over the past year! Planning for and developing a complex, long-lead project requires patience, commitment and persistence, and we’re grateful for the encouragement and assistance we’ve received during the past several years.

Happy Holidays/Häid Pühi!
Enefit American Oil CEO Rikki Hrenko-Browning with the EAO development team at Enefit’s headquarters in Tallinn, Estonia.
EAO extracts two new oil shale core samples for continued test work
  Enefit American Oil recently began an important new geologic research program on its Enefit South private property. Working together with Himes Drilling Company and Norwest Corporation in late 2015, EAO extracted two new oil shale core samples from our bulk research site (known as ‘the box cut’) for additional test work.

Starting in 2016, the core samples will undergo laboratory analysis for oil shale grade, mineralogy and other characteristics that are key to helping EAO better understand the similarities and differences between the Utah and Estonian oil shales.

This new dataset will help inform mine planning and engineering as EAO continues to move the Utah Project forward.

“Reserve” Status Would Increase Value of Utah Project
EAO is reviewing consultants’ proposals to assess whether the Utah Project’s known oil shale resources can be validated as “reserves,” which would increase the Project’s value. To the best of EAO’s knowledge, the Project would be the first oil-shale-to-shale-oil project in the world to qualify as a reserve. EAO’s parent company has successfully received a Reserve Statement for its Jordanian oil shale-to-electricity project, and in 2012 had oil shale deposits in Estonia classified as ore reserves.

The Utah Project is somewhat unique with regard to the reporting standards for reserves as it is contemplated primarily as a mining, material handling, and ore processing operation with the end product being oil and other hydrocarbon-based streams, rather than a more traditional metal or aggregate mining product. The resulting reserve report is anticipated to be used for raising private equity in the Project and/or to inform valuation as part of a financial transaction.
Public Meetings Scheduled for Utility Corridor Environmental Impact Statement
The U.S. Bureau of Land Management (BLM) has tentatively scheduled meetings for public review of the Draft Environmental Impact Statement (DEIS) on the proposed utility corridor across federal land to serve EAO’s Utah Project. If the DEIS is published in the Federal Register in January as expected, the public meetings will be held in early February at locations to be determined in Salt Lake City, Vernal, and Rangely, Colorado.

The majority of Enefit’s proposed project activities are located on private land (including mining, retorting, and upgrading operations); however, Enefit requires a right-of-way from the BLM for a utility corridor across federal land. This utility corridor will house an overhead electric transmission line, buried water and natural gas supply pipelines, and a buried product delivery pipeline. Enefit applied for a right-of-way grant from the BLM in November 2012, and it was determined that an environmental impact statement was necessary to analyze the potential impacts to human and natural environments that may occur as a result of the utility corridor right-of-way.
Congrats to Enefit CEO Hando Sutter on His First Anniversary
  Hando Sutter recently completed his first year as Chief Executive Officer of Eesti Energia, known internationally as Enefit and parent company of Enefit American Oil. Mr. Sutter’s term as CEO extends through November 2017.

Prior to joining Enefit, Mr. Sutter served for four years as the Regional Market Manager of Estonia, Latvia, Lithuania and Russia for Nord Pool Spot, the largest electricity exchange in the Nordic region.

He has also served as a consultant in the energy, investment and entertainment fields. He holds a degree in mechanical engineering from the Tallinn University of Technology and in business administration from the Estonian Business School.

Congratulations Hando!
Enefit Pays Dividend of 62 Million Euros to Estonian Government
Enefit is Estonia’s largest state-owned enterprise and annually pays a dividend to the Estonian government. The dividend payable in 2015 was 61.94 million euros (approximately US$68 million). That’s down from 93.6 million euros in 2014, but up from 55.18 million euros in 2013.
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