Independent explorer Enegi has discovered oil bearing sands at one of its wells in the Central North Sea.
The company said the find was contained in a simple four way dip structure at the 22/12a-12 appraisal well at its Phoenix discovery.
The advanced technical work is being carried out by its license partner Azinor Petroleum, who have isolated the oil bearing sands from their surroundings.
Alan Minty, chief executive officer 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.”
The company said the base case for the oil prior to production was likely to be in excess of 16MMBO (Million Barrels of Oil).
The Phoneix project will now move ahead to the next stage and the company is working to determine an appropriate development solution for Phoenix.
It will include rigorous testing and simulation work once a complete static model is delivered.
Energi said initial solution screening and economic studies suggest that Phoenix could be developed with a single horizontal producer.
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