Enegi in New Farm-Out Deal with Azimuth

Enegi Oil announced Monday that it is farming out part of Block 22/12b in the UK North Sea to Azimuth Limited. The block contains the Phoenix discovery, while its remaining acreage is made up of potential exploration opportunities.

Azimuth will earn a 50-percent interest in the exploration area in exchange for the completion of an agreed work program that includes certain geological, geophysical and reservoir analysis. This analysis will use existing seismic and well data in respect of both the Phoenix area and the exploration area that Azimuth currently possesses. Enegi, and its partner ABTechnology, will retain a 100-percent working interest in the Phoenix area.

Block 22/12b is located in the Forties-Montrose High area of the central North Sea. The license was awarded to Enegi in the 27th Seaward licensing round for the UK Continental Shelf in October 2012.

Enegi CEO Alan Minty commented in a statement:

"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."

On February 1, Enegi announced it had reached an agreement to farm out to Azimuth part of North Sea Block 3/23, which contains the Malvolio prospect.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Enegi in New Farm-Out Deal with Azimuth

Enegi Oil announced Monday that it is farming out part of Block 22/12b in the UK North Sea to Azimuth Limited. The block contains the Phoenix discovery, while its remaining acreage is made up of potential exploration opportunities.

Azimuth will earn a 50-percent interest in the exploration area in exchange for the completion of an agreed work program that includes certain geological, geophysical and reservoir analysis. This analysis will use existing seismic and well data in respect of both the Phoenix area and the exploration area that Azimuth currently possesses. Enegi, and its partner ABTechnology, will retain a 100-percent working interest in the Phoenix area.

Block 22/12b is located in the Forties-Montrose High area of the central North Sea. The license was awarded to Enegi in the 27th Seaward licensing round for the UK Continental Shelf in October 2012.

Enegi CEO Alan Minty commented in a statement:

"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."

On February 1, Enegi announced it had reached an agreement to farm out to Azimuth part of North Sea Block 3/23, which contains the Malvolio prospect.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Enegi Oil Farms Out North Sea Block to Azimuth

Junior explorer Enegi Oil announced it has reached an agreement to farm out to Azimuth part of Block 3/23 in the UK North Sea. The block holds the Malvolio prospect, as well as a number of potential exploration opportunities.

Enegi said the deal will see Azimuth earn a 50-percent interest in the exploration area in exchange for the completion of an agreed work program that includes certain geological, geophysical and reservoir analysis that will use existing seismic and well data in respect of both the Malvolio area and the exploration area.

Enegi will retain a 100-percent working interest in the Malvolio area.

Enegi CEO commented in a statement:

"We are delighted to have reached agreement with the Azimuth team. We were only offered this Block just over three months ago and the fact that we are already moving ahead with our plans for it shows our desire to deliver and prove up the value that we believe is inherent not only in this asset, but also across our portfolio.

"We know the Azimuth team well and are delighted to be working with them on this project. They are a hugely experienced team backed by leading industry specialists with access to extensive resources, both in terms of data and people."

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Enegi Oil Farms Out North Sea Block to Azimuth

Junior explorer Enegi Oil announced it has reached an agreement to farm out to Azimuth part of Block 3/23 in the UK North Sea. The block holds the Malvolio prospect, as well as a number of potential exploration opportunities.

Enegi said the deal will see Azimuth earn a 50-percent interest in the exploration area in exchange for the completion of an agreed work program that includes certain geological, geophysical and reservoir analysis that will use existing seismic and well data in respect of both the Malvolio area and the exploration area.

Enegi will retain a 100-percent working interest in the Malvolio area.

Enegi CEO commented in a statement:

"We are delighted to have reached agreement with the Azimuth team. We were only offered this Block just over three months ago and the fact that we are already moving ahead with our plans for it shows our desire to deliver and prove up the value that we believe is inherent not only in this asset, but also across our portfolio.

"We know the Azimuth team well and are delighted to be working with them on this project. They are a hugely experienced team backed by leading industry specialists with access to extensive resources, both in terms of data and people."

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here