Enegi Oil concludes Phoenix suitable for marginal field development

Enegi Oil has concluded that its Phoenix prospect in the central north sea is suitable for marginal field development.

The Block 22/12b prospect was drilled by previous operator Apache in 2010, but details remained confidential until August this year under well release guidelines.

Using the released information, Enegi has updated its subsurface model and now estimates the resource at Phoenix is likely to be in excess of 16 million barrels of oil.

The firm said it was now working with the regulator to determine the most appropriate development solution for Phoenix.

Chief executive Alan Minty said: “The work to date indicates that Phoenix is a suitable development project for our marginal field initiative, allowing this 27th round licence acquisition to fit neatly within our existing portfolio.

“We look forward to providing further updates as we progress Phoenix and add further projects to the portfolio.”