Enegi to Assess Hydrocarbon Potential of Block 3/23a

Enegi to Assess Hydrocarbon Potential of Block 3-23a

Enegi, the independent Oil and Gas Company with a portfolio of assets located in the UK North Sea, Newfoundland Canada, Ireland, and Jordan, provides an update on North Sea Licence P1974 containing the Malvolio prospect in Block 3/23a.

Further to the announcement of 31 January 2013, the Company confirms that, through the activities of Azimuth Limited, the Company has fulfilled the initial licence requirements by acquiring 100km2 of 3D seismic data over the Block and surrounding area.

Azimuth has also commenced a detailed programme of work utilising leading edge techniques and the modern, reprocessed 3D seismic, to assess the hydrocarbon potential of the exploration acreage on the Block, and to enhance the understanding of the Malvolio prospect, which is down dip from the Chevron drilled 3/23b-3 well. This will help determine whether Malvolio is suitable to be developed using ABTechnology’s unmanned buoy solution.

Enegi expects to be able to provide further updates in the autumn as the work programme progresses.

The Company continues to explore the potential of developing stranded assets through dedicated marginal field development facilities and will provide further updates on this and other projects as they progress.

Alan Minty, CEO of Enegi, commented:

“We are delighted with the progress that has been made to date on this project. This programme is expected to greatly increase our understanding of this acreage as well as the potential it has. We also expect the work to significantly de-risk the Malvolio prospect as well as to enable us to determine the feasibility of developing Malvolio using ABTechnology’s buoy solution. We look forward to providing further updates in due course.”

David Sturt, COO of Azimuth Ltd, commented:

“Azimuth is very pleased to be progressing this exciting project. Azimuth will use its advanced Geology and Geophysics workflow to assist the partnership to simultaneously de-risk the development potential of the Malvolio prospect whilst in addition demonstrating the exploration upside within the whole License area.”

Press Release, July 26, 2013