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Enegi Oil Plc Gains Further North Sea Blocks

Source: www.gulfoilandgas.com 1/2/2013, Location: Europe

Enegi, the independent Oil and Gas Company, is pleased to announce that, further to its press release on 26 October 2012, the Department of Energy and Climate Change (DECC) has confirmed the award of Traditional Production Licences, provisionally numbered P2007 and P1974, over Block 22/12b and Block 3/23 (split southern section), respectively (the Blocks). Under Licence P1974, Block 3/23 (split southern section) is referred to as Block 3/23a. Enegi has a 100% interest in both Blocks.

The start date for Licence P2007 and Licence P1974 is 1 January 2013. Under the licence terms for the Blocks, Enegi made the following work commitments:

Block 22/12b
The Company has initially agreed to obtain 250km2 of 3D seismic covering the licence block and areas adjacent to the licence. From the 1st January 2013, Enegi has two years in which to make a decision to either drill one well to penetrate the Palaeocene Forties Sandstone Member or relinquish the licence back to DECC and not to drill a well. If the Company does decide to drill a well then Enegi would have a further two years to drill the well in order to take the licence into the next phase. If the Company does drill the well and take the licence into the next phase, it would be expected that the licence will be extended for a further four years.

Block 3/23a
The Company has initially agreed to obtain 100km2 of 3D seismic and carry out a quantitative interpretation, in order to better define the possible seismic amplitude anomaly identified prior to the licence application. From 1st January 2013, Enegi has two years to decide to either drill one well to penetrate the Palaeocene Malvolio Sandstone or relinquish the licence back to DECC and not to drill a well. If the Company does decide to drill a well then Enegi would have a further two years to drill the well in order to take the licence into the next phase. If the Company does drill the well and take the licence into the next phase, it would be expected that the licence will be extended for a further four years.

The Company’s intention is to develop both these Blocks in conjunction with ABTechnology (ABT) and its buoy technology.

Alan Minty, CEO of Enegi Commented:

“We are delighted to have been awarded these Blocks and look forward to commencing our work programme with our partner ABT using their buoy technology which we believe offers the best chances of commercialising the discoveries and prospects that have already been identified on the Blocks.”

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