Enegi finds oil in North Sea

Enegi said that seismic and well test results were “very encouraging” (Source: AFP/Getty Images)
Oil and gas explorer Enegi yesterday said it had found oil in the Central North Sea.

The Aim-listed company said that seismic and well test results from the licence area encompassing the Phoenix Field were “very encouraging” and proved the presence of an oil-bearing reservoir around a previously drilled well.

Under a farm-in agreement, Strike, a subsidiary of Azinor Petroleum, will hold a 50 per cent stake in the licence. Enegi will retain the remaining 50 per cent.

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