Enegi has been offered a production licence on Block 21/28b, in the UK Central North Sea, by the Department of Energy and Climate Change.
Block 21/28b contains two known discoveries named Crinan & Dandy, which lie adjacent to the Fyne Project Area (“Fyne”) in water depths of c. 89m. Crinan (also known as Area 4) is located c. 2km from Fyne, whilst
Crinan (also known as Area 4) is located c. 2km from Fyne, whilst Dandy is located c. 5km from Fyne. Dandy has been appraised, confirming oil presence, whilst both discoveries lie within the Fyne Trend and share the same Tay Formation Sandstone reservoir with Fyne.
Enegi intends to leverage existing knowledge gained through investment in Fyne’s Self-Installing Floating Tower (“SIFT”) solution to develop these assets.
Preliminary work carried out by Enegi indicates that a combined 6MMBO could be recoverable in the P50 case and could be developed through a tie-in to Fyne. Upon final award Enegi (Operator) will hold a 50% working interest in this licence, with partner Antrim Energy (UK) Ltd. holding the remaining 50%.
Alan Minty, CEO of Enegi, commented: “This licence was identified and applied for specifically for the discoveries that it contains, their close proximity to our existing Fyne Project and the potential for them to be developed using our buoyant technologies. We believe that the expertise and knowledge that we have gained from the work we have completed on the Fyne and Phoenix Projects will also be significantly beneficial to us on advancing these assets.”