Enegi Obtains 3D Seismic over Malvolio Prospect

UK junior explorer Enegi Oil reported Friday that it has fulfilled its initial license requirements by acquiring approximately 38 square miles of 3D seismic data over Block 3/23a in North Sea license P1974.

Block 3/23a contains the Malvolio prospect, which is down dip from Chevron's 3/23b-3 well, which was drilled in 1988 on 2D seismic data and encountered oil.

Azimuth, which acquired the 3D data on behalf of Enegi, has also begun a detailed program or work using reprocessed 3D seismic to assess the hydrocarbon potential of the exploration acreage on the block and to enhance the understanding of the Malvolio prospect. It will also help determine whether Malvolio is suitable to be developed using the unmanned production buoy technology developed by Enegi's partner ABTechnology.

Enegi CEO Alan Minty commented in a company statement:

"We are delighted with the progress that has been made to date on this project. This program is expected to greatly increase our understanding of this acreage as well as the potential it has.

"We also expect the work to significantly de-risk the Malvolio prospect as well as to enable us to determine the feasibility of developing Malvolio using ABTechnology's buoy solution. We look forward to providing further updates in due course."

Enegi recently farmed into the North Sea's Fyne field, where it believes it can use the production buoy technology.




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