North Sea Phoenix Discovery Contains 16M Barrels

Junior explorer Enegi Oil reported Thursday that new information acquired about Block 22/12b in the central North Sea, containing the Phoenix discovery, indicates that the field is likely to contain oil in place of at least 16 million barrels.

Details of the well, including logs and reports, were made available in August 2014 – four years after the block's previous operator, Apache, drilled the 22/12a-12 appraisal well. Enegi said this well data confirms that oil-bearing sands at Phoenix are contained within a simple and relatively low-risk four-way dip closed structure.

Enegi said its partner Azinor Petroleum has carried out advanced technical work and has "successfully characterized and isolated" these oil-bearing sands from their surroundings. The subsurface model has been updated, indicating the 16-million barrel figure.

Enegi said it is continuing its work to determine the most appropriate development solution for Phoenix. This work will include rigorous testing and simulation once a complete version of the static model is delivered. The firm added that initial solution screening and economic studies suggest that Phoenix could be developed feasibly with a single horizontal producer.

Enegi CEO Alan Minty commented in a company statement:

"The work to date indicates that Phoenix is a suitable development project for our marginal field initiative, allowing this 27th round license acquisition to fit neatly within our existing portfolio. We look forward to providing further updates as we progress Phoenix and add further projects to the portfolio."

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