7 Nov 2014 07:00
ENEGI OIL PLCAIM ticker: 'ENEG'OTC ticker: 'EOLPF'
7 November 2014
Enegi Oil Plc
("Enegi" or "the Company")
28th Seaward Licensing Round
Enegi is pleased to announce that the Company has been offered a production licence on Block 21/28b, in the UK Central North Sea, by the Department of Energy and Climate Change.
Block 21/28b contains two known discoveries named Crinan & Dandy, which lie adjacent to the Fyne Project Area ("Fyne") in water depths of c. 89m. Crinan (also known as Area 4) is located c. 2km from Fyne, whilst Dandy is located c. 5km from Fyne. Dandy has been appraised, confirming oil presence, whilst both discoveries lie within the Fyne Trend and share the same Tay Formation Sandstone reservoir with Fyne. The Company intends to leverage existing knowledge gained through investment in Fyne's Self-Installing Floating Tower ("SIFT") solution to develop these assets. Preliminary work carried out by the Company indicates that a combined 6MMBO could be recoverable in the P50 case and could be developed through a tie-in to Fyne. Upon final award Enegi (Operator) will hold a 50% working interest in this licence, with partner Antrim Energy (UK) Ltd. holding the remaining 50%.
Alan Minty, CEO of Enegi, commented:
"This licence was identified and applied for specifically for the discoveries that it contains, their close proximity to our existing Fyne Project and the potential for them to be developed using our buoyant technologies. We believe that the expertise and knowledge that we have gained from the work we have completed on the Fyne and Phoenix Projects will also be significantly beneficial to us on advancing these assets."
Enegi Oil | Tel: + 44 161 817 7460 |
Alan Minty, CEO | |
Nick Elwes, Director of Communications | |
Cenkos Securities | |
Neil McDonald | Tel: + 44 131 220 9771 |
Derrick Lee | Tel: + 44 131 220 6939 |
Shore Capital | Tel: + 44 207 408 4090 |
Jerry Keen | |
Patrick Castle | |
www.enegioil.com
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Qualified Persons
The information in this release has been reviewed by Barath Rajgopaul MSc (Mech. Eng.) C. Eng, a member of the Advisory Panel of Enegi. Mr. Rajgopaul has over 30 years' experience in the petroleum industry.
Notes to Editors
Enegi Oil Plc is an independent oil and gas company whose strategy is to build a diverse portfolio of assets with a strong emphasis on acquiring interests in marginal fields. These marginal fields are low risk highly-appraised projects and consequently the Company's entry cost will be low. Enegi will look to develop these assets utilising ABTechnology's buoyant solutions, which are appropriate and change the development economics of a project. This is also expected to enable the early booking of reserves. The Company's current portfolio is made up of operations focused on opportunities around the Port au Port Peninsula in Newfoundland, Canada, the UK North Sea and Jordan. The Port au Port Peninsula is located in western Newfoundland, which, although lightly explored, is in an active petroleum system with light oil having been discovered on a number of occasions. The Company's licences in the UK North Sea have discovered hydrocarbons on them and have been selected based on buoy technology operating criteria. The Company has also entered into the highly prospective Dead Sea and Wadi Araba Block in Jordan with its partner Korea Global Energy Corporation.