ENEG.L Share News (ENEG)

Independent oil and gas company Enegi Oil has obtained the requisite 3D data for its Phoenix Block in the UK North Sea.In an update issued on Friday, the AIM-listed company reported that it had obtained 250 sq km of 3D data processed to pre-stack time migration (PSTM) and post-stack time migration (PostSTM) over the block which contains the Phoenix Oil discovery. The company said that it will now carry out in-house interpretation, subsurface analysis and reservoir modelling to determine the full range of recoverable reserves for the Phoenix discovery. This would incorporate analysis currently being carried out by Azimuth under the terms of the farm-in agreement announced in February and would allow the company to determine the viability of further appraisal and development. Independently, Enegi reported that Azimuth would be considering the additional exploration potential of the block under the farm-in agreement which might lead to further development activity, with such potential being in addition to the assessment of the Phoenix discovery. The Phoenix oil discovery was discovered in 2004 by the Shell operated well 22/12a-10. Geologically, the discovery is a low - relief dip closed structure that lies on the Forties-Montrose High, located between the Nelson Field 16km to the northwest and the Montrose Field 12km to the southeast. Alan Minty, Chief Executive Officer of Enegi, said: "Securing this data provides the foundation from which further geotechnical analysis will be undertaken. Coupled with the analysis that Azimuth will do on this block, we believe we are in a strong position to determine the feasibility of drilling an appraisal well in the block. We look forward to advancing our portfolio and to providing further updates on our progress." Enegi's share price was up 2.35% to 10.88p at 15:12 on Friday.MF