Enegi Mulls Newfoundland Divestment, Increased Stake in ABT

UK junior oil firm Enegi Oil reported Friday that its considering divesting itself of part of its interests in western Newfoundland while it mulls a restructuring to acquire the remaining shareholding in ABT Oil & Gas (ABTOG) that it does not already own. ABTOG, which is owned jointly by Enegi and ABTechnology, is seeking to exploit ABTechnology's buoyant production technologies to develop marginal fields.

However, Enegi also revealed that the field development plan (FDP) for the UK's Fyne field will not be submitted to the Department of Energy and Climate Change by August 31 as originally planned.

The company said it is looking at focusing on becoming more involved in employing new methods to develop marginal fields on the UK Continental Shelf and elsewhere in response to increasing recognition of the importance of marginal fields.

In a statement, Enegi Chairman and CEO Alan Minty noted that "the political environment is clearly aligning in recognition of the importance of maximizing oil and gas from marginal fields".

Minty continued: "Of course, here I am referring to the establishment of a new UKCS regulator and the plans for a new bill to enhance the UK's energy independence and security, including the maximization of North Sea resources, which was announced in the Queen's Speech at the State Opening of Parliament in June."

Minty also confirmed that Enegi has been working on a number of projects that it expects to be able to announce in coming months. Meanwhile, he said that work carried out on the Fyne field has "considerably advanced" the engineering of the self-installing floating tower solution and that this "has provided a deeper understanding of its potential applications in the UKCS and beyond". Minty added that, while the FDP for the Fyne field that its partner Antrim Energy (Ventures) plans to develop will not be submitted on time to DECC, AEV is in discussions with DECC about extending the Fyne licensing terms.

 

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