Enegi announces its results for the year ended 30 June 2014.
Building a portfolio of Marginal Fields:
• Continuing focus on the development of the Marginal Field Initiative through ABT Oil and Gas Ltd. (ABTOG) in which Enegi holds a 50% interest.
• Strategy focused on utilising engineering solutions that reduce Capex, Opex and are redeployable to build a portfolio of low risk highly appraised marginal assets
• Continued development of the engineering solution for the Fyne field which shows that the SIFT solution is technically suitable and can provide necessary returns
• Engineering work on the Fyne field shows both of the solutions utilised in the Marginal Field Initiative have wider applicability to other projects
• Memorandum of Understanding agreed between ABTOG and Wood Group PSN to establish a dedicated marginal field engineering services company.
• Work completed on the Phoenix discovery, contained in UKCS Block 22/12b, indicates that Phoenix has strong potential to be a technically and economically viable project.
• Offered a 50% interest in Block 21/28b in the UKCS 28th Seaward Licensing Round. The award of this licence potentially allows for two further discoveries to be incorporated into a Development Plan for Fyne