Enegi Oil PLC 28th Seaward Licensing Round (4080W)
November 07 2014 - 2:00AM
UK Regulatory
TIDMENEG
RNS Number : 4080W
Enegi Oil PLC
07 November 2014
ENEGI OIL PLC
AIM 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
Facebook (Enegi Oil PLC)
Twitter (@enegioil)
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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