Enegi strikes farm-out deal on East Shetland block

Shetland Islands: Enegi Oil has reached agreement with Azimuth to farm-out part of its block in the East Shetland basin of the UK North Sea

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Danica Newnham

 31 January 2013 09:25 GMT

UK independent Enegi Oil has reached agreement to farm-out part of a UK North Sea block to Bermuda-registered Azimuth.

Block 3/23, which contains the Malvolio prospect and other potential exploration areas, was awarded to Enegi and its Aberdeen-based partner ABTechnology in the 27th Seaward Licensing Round for the UK Continental Shelf last October.

Under this new agreement, Azimuth will earn a 50% interest in the exploration areas excluding Malvolio in exchange for completing an agreed work programme.

The programme, which will include geological, geophysical and reservoir analyses, will be due for completion within the first 12 months of signing the deal.

Although the work to be undertaken by Azimuth will also cover the…

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