The oil firm behind plans to redevelop a previously uneconomic North Sea field says it has high hopes for success in 2014, despite losses widening in the last year.
Enegi Oil struck a revolutionary partnership with Aberdeen firm ABTechnology to deploy an unmanned buoy system on the Fyne field, which Antrim Energy had originally abandoned due to costs.
The pair have submitted a field development project to the Department of Energy and Climate Change which is being seen as a pilot by many in the industry for a new approach to developing marginal or uneconomic North Sea fields.
After landing two new licences in the latest UK continental shelf round by DECC, the company is now eyeing more opportunities to deploy the buoy system, with the Malvolio prospect east of Shetland and the Phoenix discovery in the Central North Sea.
Enegi posted pre-tax losses of £3.12million for the year, up from £2.38million the year before as the company invested more into its marginal field project.
“The company has made excellent progress in the period under review, but my belief is that 2014 could be even more significant,” said chief executive Alan Minty.
“The strategic emphasis going forward will continue to be on our marginal field initiative.
“This initiative has seen significant interest both from industry and strategic partners as referenced by the addition of projects and the option with Wood Group PSN.
“Whilst we progress our current projects we are also confident that further projects can be added to our portfolio.”
Enegi, which is also looking to begin drilling in Newfoundland after farming out to Back Spruce on its Canadian prospects, said it believed the Malvolio prospect could produce around 97million unrisked barrels of oil, while the Phoenix discovery had up to 51million unrisked.