Enegi, along with its Joint Venture (JV) partner ABTechnology (ABT), has signed Heads of Agreement (HOA) with Antrim Resources (N.I) Limited (Antrim) that governs UK Central North Sea Licence P077 ("P077" or the "Licence") which contains the Fyne Field (Fyne). Antrim currently holds a 100% interest in and is Operator of the Licence.

Under the HOA, Enegi and ABT will be responsible for the costs associated with preparing an amended Field Development Plan for Fyne (the "FDP"), based on using ABT's buoy technology, for submission to the UK Department of Energy and Climate Change ("DECC"). Upon approval of the FDP by DECC, the JV will earn a 50% interest in the development of Fyne. A FDP has been previously prepared for Fyne and much of this work can be integrated into the new FDP.

Tags: Enegi Oil