Enegi Oil PLC Marginal Field Initiative Update (9225L)
May 01 2015 - 2:00AM
UK Regulatory
TIDMENEG
RNS Number : 9225L
Enegi Oil PLC
01 May 2015
ENEGI OIL PLC
AIM ticker: 'ENEG'
OTC ticker: 'EOLPF'
1 May 2015
Enegi Oil Plc
("Enegi" or "the Company")
Marginal Field Delivery Consortium
The Company provides a further update on the Marginal Field
Initiative of ABT Oil and Gas Ltd. ('ABTOG'), the Company's joint
venture with ABTechnology Ltd. ABTOG has signed a Collaboration
Agreement (the 'Agreement') with Apollo Offshore Engineering Ltd.
('Apollo') who will join the Marginal Field Delivery Consortium
providing expertise in the structural engineering of ABTOG's
current and future solutions. The Agreement adds Apollo to
Kongsberg Maritime ('Kongsberg') and Braemar ACM Shipping
('Braemar') as members of the Marginal Field Delivery Consortium
targeted at the delivery of marginal field projects.
The Agreement with Apollo allows ABTOG to work exclusively with
one organisation ensuring that the intellectual property and
knowhow generated in any particular project is not widely
circulated leading to economies of scale for future projects for
the benefit of ABTOG and its partners. (Any intellectual property
developed through the working relationship will be owned by
ABTOG.)
ABTOG is already working with Apollo on its current solutions
and on expanding its solution portfolio in both fixed and tethered
solutions, with the aim always being to keep capex as low as
reasonably practicable whilst ensuring that any solution will be
able to be normally unattended keeping opex to a minimum. The
results of this work will be investigated, in line with ABTOG's
intellectual property strategy, to ensure that any ideas are
suitably protected for the future benefit of the venture.
ABTOG is already seeing the benefits from its previously
announced agreements with Kongsberg and Braemar and expects to be
able to announce further collaborations in the coming weeks
including in the areas of process engineering and project
management.
After extensive discussions with Wood Group PSN ('WGPSN') an
agreement was unable to be reached with respect to the previously
announced Memorandum of Understanding and discussions have now
ended.
Alan Minty, CEO & Chairman of Enegi, commented:
"We are delighted that Apollo has agreed to join the Marginal
Field Delivery Consortium. Their structural engineering expertise
will be invaluable in ensuring the delivery of our solutions and in
helping us to create additional solutions which will further
enhance our offering in line with our strategy of reducing capex
and opex to enable the development of projects.
Sadly, agreement was unable to be reached with Wood Group PSN,
but we believe that with the members we already have and those we
are in discussions with we are creating a consortium with the
ability to provide a "one stop shop" to deliver our Marginal Field
Initiative and look forward to working with Apollo and the other
members of the consortium to take this venture forward."
Jonathan White, Business Development Director of Apollo Offshore
Engineering, commented:
"We are extremely delighted to be working with the MFD
consortium and ABT Oil and Gas to develop robust, cost effective
solutions for marginal and stranded reserves. There is still
significant potential in the North Sea and beyond for innovative
production solutions that will allow operators to extract reserves
both efficiently and effectively. ABT Oil and Gas have recognised
Apollo's expertise in effective and innovative engineering for
fixed and floating assets that will be applied in this project.
Apollo's dynamic approach coupled with its experience will be an
important element to the MFD consortium where we can apply some of
the technology we are already developing for ABT Oil and Gas. This
is exactly the type of approach and technology our industry
presently needs for continued investment to unlock marginal
reserves."
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
www.enegioil.com
Facebook (Enegi Oil PLC)
Twitter (@enegioil)
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.
Apollo Offshore Engineering Ltd. is an engineering and project
management service company that provides a highly skilled
engineering capacity to deliver safe and appropriate engineering
solutions. Its services cover project management, process and flow
assurance, technical safety, structures, marine and subsea. It has
offices in Aberdeen, London, Darlington and Nottingham.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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