Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Enegi Oil Farms Out North Sea Block to Azimuth

change text size

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.


More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  BW Offshore Takes 100% Ownership of Pe... (Jul 24)
 -  Centrica Comes Up Dry near Ula Field (Jul 23)
 -  Ruspetro Conducts Successful Flow Test... (Jul 23)
 -  Kongsberg Bags $53M Contracts from Chi... (Jul 23)
 -  Leni Finds More Oil with 4th Goudron D... (Jul 22)
Most Popular Articles
From the Career Center
Jobs that may interest you
Government Relations Advisor
Expertise: Legal, Regulatory Compliance
Location: Washington, DC
 
Proposal Coordinator
Expertise: Business Development
Location: Houston, TX
 
Proposal Manager
Expertise: Business Development, Sales and Marketing
Location: Houston, TX
 
search for more jobs