LONDON – Azimuth has agreed to take a 50% stake in block 22/12b in the UK central North Sea from Enegi Oil and ABT.
Exploration opportunities on the block are defined as acreage outside the Phoenix Area, which contains the Phoenix discovery.
In return for the farm-in, Azimuth will assess hydrocarbon potential and fund all relevant geological, geophysical, and reservoir analysis programs during the 12 months following signing of the agreement. This includes agreed work over the Phoenix Area.
The block is in the Forties-Montrose High area and contains the Phoenix discovery. Shell drilled the discovery well, encountering a 30-ft (9-m) oil column in the Forties Sandstone, which also produces in nearby fields such as Forties, Nelson, and Montrose.
The discovery is a low relief dip closed structure in water depths of 295 ft (90 m), with potential recoverable resources of up to 51 MMbbl.
Enegi was awarded the permit last October under the UK’s 27th seaward licensing round.