11 Mar 2014 11:15
ENEGI OIL PLC
AIM ticker: 'ENEG'
OTC ticker: 'EOLPF'
11 March 2014
Enegi Oil Plc
("Enegi" or "the Company")
Extension to exclusive option agreement with Wood Group PSN
Enegi and ABTechnology ("ABT"), the owners of ABT Oil & Gas ("ABTOG"), have agreed to extend the option agreement with Wood Group PSN ('WGPSN') until 31 March 2014. The option agreement allows WGPSN the possibility to expand its participation in the development of the marginal field initiative.
Alan Minty, CEO of Enegi, commented:
"The continuing recovery of hydrocarbons from mature basins is becoming an increasingly important topic within the industry, none more so than the UKCS. Regulators and governments are keen to maximise recovery from such mature basins which has become more difficult as discovery sizes diminish, production rates decline, infrastructure is decommissioned and costs increase.
The recently released report on the future of the UKCS highlights the need for action to be taken to adopt strategies aimed at maximising economic recovery. These strategies appear to have universal support. Marginal field solutions, which focus on a reduction in Capex and Opex through the combination of being unmanned and redeployable, offer a key building block in achieving the aim of maximum economic recovery.
In order to maximise the opportunities to develop marginal fields, Enegi and ABT are reviewing the structure of its JV, ABT Oil and Gas and expect to make an announcement on this in due course."
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About Enegi
Enegi Oil Plc is an independent oil and gas company whose strategy is to create an oil and gas company with a diversified portfolio of assets across the E&P value chain. The Company's current portfolio is made up of operations focused on opportunities around the Port au Port Peninsula in Newfoundland, Canada, the Clare Basin in County Clare, Ireland, 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 Clare Basin is located in western Ireland and initial technical studies show that it has the potential to contain shale gas. The Company's licences in the UK North Sea benefit from significant previous exploration investment, and have been selected based on buoy technology operating criteria. The Company has also entered into the highly prospective Dead Sea and Wadi Araba in Jordan with its partner Korea Global Energy Corporation. | |||||||||||||||||||||||||||||||