Enegi strikes deal on North Sea assets

MANCHESTER-based Enegi Oil has agreed to farm out more of its North Sea exploration work to a Bermudan energy firm.

Enegi, which secured two licences for the North Sea in October, has agreed Azimuth will take a 50% stake in an exploration area in return for carrying out detailed geological research.

A similar deal was struck last month with the firm for another part of Enegi’s North Sea interests.

Chief executive Alan Minty said: “This is the second farm-out agreement that we have completed with Azimuth and we are delighted to be working with them and have access to their extensive exploration expertise on both our North Sea assets.

“Both deals are completely in line with our strategy of de-risking our portfolio whilst maintaining a significant interest in work programmes which we believe have the ability to deliver value to the Company for a minimal capital outlay.”

Azimuth is backed by Seacrest Capital, a Bermuda-based energy investment group, and Norway-based Petroleum Geo-Services.