ABT to Use Production Buoy System Offshore Ireland
Commenting on Wednesday's Irish deal, Enegi CEO Alan Minty said:
"Dunmore and Helvick are low risk, well appraised projects which have significant potential, but couldn't, in the past, be economically developed using conventional solutions. As such, these assets are ideally suited for development using ABTOG’s new proprietary solutions.
"Utilizing ABTOG's suite of low cost development solutions, we will work towards proving up commerciality and designing a viable plan of development ensuring the full potential of these assets are realized."
Providence Resources Technical Director John O'Sullivan added:
"We are delighted to be working with ABT Oil & Gas as they bring their experience and technology into offshore Ireland. We hope that through this partnership, we can realize the potential from these two dormant oil discoveries, whilst we continue to focus on the other more material assets within our extensive Irish portfolio.
"This farm-in transaction is consistent with our strategy to progress opportunities to a certain stage of definition and then leverage in appropriate partners to advance them towards development and ultimate production."
Analysts at London-based Shore Capital Stockbrokers commented:
"Today's news follows on from the previously announced Fyne farm-in deal in the North Sea; we believe that the farm-in to Helvick and Dunmore provides confirmation of ABT Oil & Gas's ability to implement its strategy and represents an excellent opportunity for deployment of the joint venture's proprietary development solutions in an exciting location."
Wednesday also saw Enegi and ABTechnology sign a joint development agreement with Antrim Resources for the Fyne oil field, which is located in the central North Sea.
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