14th Apr 2015 07:37
LONDON (Alliance News) - Enegi Oil PLC saw its shares rise early Tuesday after it signed up two new partners for its so-called marginal field initiative, through which it is hoping to use new technology and partnerships to seek and develop oil and gas fields that were deemed as uneconomical using conventional development methods.
Enegi said Kongsberg Maritime and Braemar ACM Shipbroking have signed collaboration agreements with ABT Oil and Gas Ltd, Enegi's joint venture with ABTechnology Ltd that's been developing the marginal field initiative. They'll both use their own resources to contribute to the venture.
Kongsberg will provide remote control and monitoring technology for the joint venture's normally unattended development products, while Braemar will assist in sourcing financing, asset negotiations
and shipyard negotiations.
Enegi also said talks are ongoing with other potential industry players about joining the growing consortium. It is looking for expertise in engineering design, project management, fabrication yard, topsides, duty holdership and funding.
"We expect these companies, as well as the addition of further industry players in the near future, to significantly increase the venture's activity. We look forward to working with our new partners, gaining further projects and taking the Marginal Field Initiative to the next stage of its development," Enegi Chairman and Chief Executive Alan Minty said.
Enegi Oil shares were up 18.0% at 1.18 pence early Tuesday, making it one of the best-performing stocks on the AIM All-Share index on the day.
By Steve McGrath; [email protected]; @stevemcgrath1
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