December 2014

Happy Holidays from Enefit American Oil!

22 Dec 2014
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!

Welcome to Hando Sutter, new CEO of Eesti Energia/Enefit And His Management Team!

22 Dec 2014
Hando Sutter has been elected as Chief Executive Officer of Eesti Energia, known internationally as Enefit and parent company of Enefit American Oil (EAO). Effective December 1, Mr. Sutter replaces Sandor Liive, who served as CEO from November 2005 through November 2014; Mr. Sutter’s term

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.

Mr. Sutter will be joined by two new and two returning Management Board members and a new CFO. Newly elected are Andres Vainola, who will be responsible for the mining and industrial machinery subsidiaries and is new to the company, and Margus Vals, who will be responsible for development projects and technology development, and was previously responsible for the company’s overall strategy. Raine Pajo and Margus Rink will continue as Management Board members, with Mr. Pajo responsible for Estonian power generation and oil production and Mr. Rink overseeing retail power sales in the Baltic region. Andri Avila joins the company as the new chief financial officer.

Congratulations to Mr. Sutter and new Management Board members! We hope to see you in Utah soon!

Utah Refineries Positive About Enefit’s Planned Crude Oil Product

22 Dec 2014

Although oil production from Enefit’s Utah Project is several years away, company engineers met recently with representatives of three Salt Lake City-area refineries to discuss the Project’s planned crude oil output. We were pleased to find that the feedback was very positive.

In addition to EAO CEO Rikki Hrenko-Browning and Head of Development and Environment Ryan Clerico, Arto Juntunen, Project Manager of Enefit’s Jordan Oil Project, made the trip to meet with the refineries.

Representatives from the HollyFrontier, Big West and Chevron refineries all expressed interest in planned oil product, and particularly in the fact that EAO plans to upgrade the crude so it will contain fewer impurities and can be transported by pipeline. The refinery representatives commended EAO for talking with them early in the development process and expressed interest in running computer models with EAO’s crude oil specifications. This will eventually be followed by real-world tests of EAO’s crude oil.

Next-Generation Enefit280 Plant is Nearing Peak Performance

22 Dec 2014
Enefit’s groundbreaking new oil plant is now processing
260 tons of oil shale per hour, nearing its capacity
of 280 tons per hour, and is also producing more
than enough power to cover its own consumption.
Operators have been slowly ramping up production
at the new plant since spring.

The next-generation plant, which has double the capacity of the older Enefit140 plants, will produce about two million barrels of crude oil and 75 million cubic meters of shale gas per year. And, in a first for any oil shale plant anywhere in the world, the new Enefit280 plant includes a 35-megawatt steam-driven turbine that uses residual heat from the process to generate electricity to run the plant.

Because of innovations in the new plant, air emissions are several times lower than those of other oil plants in Estonia, and the process results in an ash waste product that is free from organic compounds and can be recycled. In addition, carbon dioxide emissions are significantly lower than older plants, allowing Enefit and Estonia to keep pace with increasingly strict European climate policies.