Independent explorer Enegi Oil has secured £2million in funding to move the Fyne field development to the next level.
The sum has been raised through placing of 24.8million shares to Yorkville Advisors YA Global fund, as well as a separate equity swap deal with Yorkville which will allow the company to access cash over the next year.
Apart from progressing Enegi’s work in the Fyne field, the money will also allow work to start on the Dunmore and Helvick field in the North Celtic Sea basin, following the signing of a farm-in in November last year and the company’s pursuit of new licences in the UKCS.
The news comes as Enegi’s partner in Fyne field development announced the planned submission of a completed Environmental Statement for the North Sea field to the Department of Energy and Climate Change (DECC) by the end of March.
Subject to the statement receiving DECC clearance, the companies are looking to submit a final Field Development Plan in the summer of this year, looking to begin production by November 2016.
“Considerable progress has continued to be made on our marginal field initiative in the last few months,” said Alan Minty, chief executive of Enegi.
“We look forward to working with Antrim and taking Fyne forward through to first oil using ABT Oil & Gas’s appropriate technology as well as commencing our activities in the North
Celtic sea and applying for further opportunities in the 28th round.”