6th Feb 2014 12:51
LONDON (Alliance News) - Enegi Oil PLC Thursday provided an update on its operations in Western Newfoundland and the development of marginal fields in the North Sea, through its joint venture with Advanced Buoy Technology Ltd.
The oil and gas company with a portfolio of projects in the UK North Sea, Newfoundland, Canada, Ireland and Jordan said that production has now been reinstated at the Garden Hill site in Newfoundland following the recruitment of a new well site supervisor.
The company said that there has been good pressure recovery and a lack of pressure depletion at Garden Hill, reinforcing its potential.
Enegi said it is now working to finalise a drill schedule for Garden Hill, as well as ensuring that any technical or regulatory issues of the upcoming programme are addressed.
The company also said that negotiations with Wood Group PSN over an exclusive option agreement to expand its participation in the development of the marginal field initiative, announced in December are progressing well.
Enegi said that significant engineering work has been completed on the solutions and on application to the Fyne Field in the North Sea and further field studies are anticipated in the near future.
In addition, the company said that it has commenced work on evaluating the feasibility of the Halvick and Dunmore discoveries in the North Celtic Sea.
"The company made significant progress in 2013 and I am pleased that the momentum we built up has been carried over into 2014 and looks set to gather pace," the company's Chief Executive Officer Alan Minty said in a statement.
Enegi Oil shares were down 4.1% to 7.55 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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