ENEG11 Feb 2013 22:19
Alan Minty, Chief Executive Officer of Enegi, said: "This is the second farm-out agreement that we have completed with Azimuth and we are delighted to be working with them and have access to their extensive exploration expertise on both our North Sea assets.
"Both deals are completely in line with our strategy of de-risking our portfolio, whilst maintaining a significant interest in work programmes which we believe have the ability to deliver value to the company for a minimal capital outlay. These are very exciting times for Enegi as we progress our projects across our entire portfolio."
Enegi and ABTechnology will retain a 100% working interest in the Phoenix Area.