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 in New Farm-Out Deal with Azimuth

change text size

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 programs 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

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
Jon Mainwaring
European Editor | Rigzone.com
 -  Key Oil, Gas Figures Welcome Scotland'... (Sep 19)
 -  Falkland Oil and Gas Makes Progress Ah... (Sep 16)
 -  One Millionth Barrel Delivered from Ar... (Sep 15)
 -  Inside GE's New Technology Solutions C... (Sep 12)
 -  BP, Shell Urge Scotland to Vote agains... (Sep 11)
Most Popular Articles
From the Career Center
Jobs that may interest you
Lease Analyst/Land Technician
Expertise: Lease Analyst
Location: The Woodlands, TX
 
Regional Project Manager
Expertise: Field Service Tech, Fracturing, Project Management
Location: Permian Basin
 
Project Manager - Subsea
Expertise: Mechanical Engineering, Project Management, Subsea Engineering
Location: Houston, TX
 
search for more jobs