Azimuth enters remote North Sea block

Azimuth has agreed to farm into part of block 3/23 (split) in the UK northern North Sea.

Offshore staff

LONDON – Azimuth has agreed to farm into part of block 3/23 (split) in the UK northern North Sea.

This contains the Malvolio prospect and other exploration opportunities. Under the agreement, Azimuth will take a 50% interest in the exploration area in exchange for completing a program of geological, geophysical, and reservoir analysis using existing seismic and well data.

Existing partners Enegi Oil and ABT will retain a 100% working interest in the Malvolio area.

Block 3/23 is on the southwest margin of the East Shetland basin. Malvolio is a Paleocene appraisal prospect in upper Montrose Group sand in 397 ft (121 m) of water. Oil in place is estimated in the 153-326 MMbbl range, with unrisked recoverable resources between 44 and 97 MMbbl.

Enegi was awarded the concession last October under theUK’s 27th seaward licensing round. In its application, the company identified the prospects as suitable for buoy technology as conventional development solutions in this area – remote from infrastructure – may not be economic.

1/31/2013

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