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."
 

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment 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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Malaysia's SapuraKencana Forms JV to U... (Aug 4)
 -  Peregrino Field Offshore Brazil Produc... (Aug 4)
 -  Swiber Secures Letter of Intent for $8... (Aug 4)
 -  First Oil Achieved from Cidade de Itag... (Aug 3)
 -  Polarcus Wins 3D Seismic Project (Aug 3)


Most Popular Articles

From the Career Center
Jobs that may interest you
VP Operations - Scaffolding, Painting, Cleaning & Maintenance
Expertise: Executive
Location: Texas, TX
 
Land Surveyor in Training (LSIT) or Professional Engineer (PE)
Expertise: CAD / CAM|Cartography / Mapping|Surveying
Location: Minot, ND
 
Operations Process Specialist
Expertise: Process Management
Location: Texas, TX
 
search for more jobs

Brent Crude Oil : $49.52/BBL 5.15%
Light Crude Oil : $45.17/BBL 4.54%
Natural Gas : $2.75/MMBtu 1.10%
Updated in last 24 hours