Enegi Oil says that the work programme, pursuant to the terms of the Farm-in agreement entered into with Azimuth Limited and announced on 11 February 2013, is nearing completion. Azimuth Limited's appointed affiliate, Strike Oil Limited (Strike), has obtained 3D seismic and well data and has performed detailed subsurface analysis of both the Phoenix Field and exploration prospects within the licence area.
The results to date are very encouraging, as seismic and local well studies are able to resolve and prove the presence of oil bearing Forties reservoir around the previously drilled 22/12a-10 exploration well. This means the target has effectively been de-risked, with minimum case reserves being identified within a four-way dip-closed depth structure. The Partners' efforts are now focused upon resolving the volume of oil contained by the stratigraphic closure in the surrounding area.