UK exploration independent Enegi says the Phoenix discovery in the central North Sea is a viable candidate for its marginal field initiative.
Phoenix, in Block 22/12b, was operated by Apache. In 2010, Apache, drilled the 22/12a-12 appraisal well, details of which were released, under UK North Sea rules, this August.
Enegi's partner on the block, Azinor Petroleum (holding 50% interest), has assessed the data and says that the base case stock oil in place for Phoenix is likely to be more than 16MMbo.
Enegi says: "The Phoenix project is now ready to move ahead to the next stage and that there is limited necessity for further appraisal activity.
"This news encourages the company as work continues in determining the most appropriate development solution for Phoenix, subject to agreeing future plans with the regulator. Initial solution screening and economic studies suggest that Phoenix could be developed feasibly with a single horizontal producer."
Alan Minty, CEO of Enegi, said: “The work to date indicates that Phoenix is a suitable development project for our marginal field initiative, allowing this 27th round license 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.”