Preparation of Amended Fyne Field Development Plan Underway

Enegi, the independent Oil and Gas Company with a portfolio of assets located in the UK North Sea, Newfoundland Canada, Ireland, and Jordan provides update on the Fyne Oil field project.

Enegi, along with its Joint Venture partner ABTechnology (“ABT”), agreed with Antrim Resources (N.I.) (“Antrim”) to prepare an amended Field Development Plan for the development of the Fyne oil field using a production buoy facility. Further to that agreement, Wood Group PSN, has been contracted by ABT to commence pre-FEED and FEED studies in order to facilitate the completion of the Field Development Plan and submission of the Environmental Statement required to gain approval from DECC for this development.

These studies will refine the generic production buoy design in order to incorporate the specific requirements that are associated with the Fyne oil field and are expected to be completed to sufficient detail in the autumn.

Antrim has previously undertaken a significant element of the FEED work on the subsea design when working on alternative production solutions. As such, a substantial proportion of the project is already well progressed and will be incorporated in to the revised Field Development Plan.

ABT and Wood Group formed a strategic partnership in May 2011 in order to commercialise unmanned production buoy technology. The commencement of this programme of work demonstrates that the partnership is working effectively and re-affirms both parties belief that buoy technology has the potential to successfully be used to develop marginal oil fields.

Alan Minty, CEO of Enegi, commented:

“We are delighted to have Wood Group PSN working with us on this project given their capability and expertise. Considerable progress has already been made on the pre-FEED and FDP since we entered this project with all the partners working together to ensure that the deliverables are completed on schedule and the final FDP is delivered to DECC in good time.

“We look forward to providing further updates on Fyne as the project progresses.”

Dave Stewart, UK Managing Director Wood Group PSN, commented:

“ABT’s buoy solution offers an exceptional opportunity to develop a significant proportion of reserves in the North Sea, as well as globally, that would otherwise remain untapped. We are very excited to be working with the partners in providing an innovative development solution for the Fyne Field and look forward to working on further marginal field projects with the ABT and Enegi teams in the future.”

Press Release, July 24, 2013