LONDON (Alliance News) - Enegi Oil PLC Friday said the engineering of the self-installing floating tower solution for the Fyne field had "considerably advanced" and reiterated the importance and potential of the marginal field initiative in Scotland.
"The marginal field initiative offers a huge opportunity for the development and growth of the company" said Enegi Chairman Alan Minty.
Enegi said "significant" work has been undertaken on the floating tower, including topsides design and engineering, structural and foundation design, installation methodologies and operating philosophies.
The self-installing floating tower "is a valuable solution for Fyne and confirmed our belief in the solution as part of the broader marginal field initiative," said Minty.
"On a strategic level, the marginal field initiative provides a way for the company to differentiate itself from other organisations and build...significant income streams and asset value" he added.
"The political environment is clearly aligning in recognition of the importance of maximising oil and gas from marginal fields. The new [UK continental shelf regulator] plans for a new bill to enhance the UK's energy independence and security, including the maximisation of North Sea resources," added Minty.
The company is also considering whether there is merit in undertaking a restructure to acquire the remaining shareholding in ABT Oil and Gas Ltd, which offers buoyant solutions to Fyne field. ABT Oil and Gas is Enegi's joint venture with ABTechnology.
The company has been working on a number of projects to maximise the benefits of the marginal field initiative, which are expected to be announced in the coming months.
"It is clear to us that the future of Enegi should be directed towards the development of these low risk, high value, marginal fields" said Minty.
Enegi Oil PLC shares were down 3.0% to 4.0 pence per share Friday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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