Independent oil and gas explorer Enegi Oil has agreed to farm-out part of a North Sea block also containing the Phoenix discovery to Azimuth.
Bermuda-based Azimuth will earn a 50% interest in the area in return for carrying out work including geophysical and reservoir analysis.
However, UK-based Enegi will retain a 100% working interest in the Phoenix discovery.
The move follows a deal with Azimuth earlier this month which saw Enegi farm-out 50% of a block in the East Shetland Basin containing the Malvolio prospect.
Azimuth is backed by Seacrest Capital, a Bermuda-based energy investment firm.
David Sturt, senior vice president of Azimuth said: “Azimuth is excited to be progressing its relationship with Enegi by entering into this agreement over the Exploration Area of Block 22/12b.
“The agreement between Azimuth and Enegi allows both parties to leverage their core strengths in creating value for their shareholders.
“The structure of the deal allows the full potential of the block to be realised by highly motivated and dynamic partners.
“We believe that new technology and new concepts can unlock significant value in the North Sea, which contains substantial yet-to-find resources.
“We are actively exploring throughout the North Sea and west of Shetland and pursuing additional exciting opportunities to extend our portfolio.
“Across its portfolio, Azimuth is focused on creating value rapidly by combining the potential of new technology with extensive exploration experience.
“Co-operation between Azimuth and Enegi is excellent and we are excited to progress the exploration of Block 22/12b without delay.”