Enegi Oil (LON:ENEG) believes there is significant opportunities to commercialise marginal fields via its joint venture, ABT Oil & Gas.
It estimates there are 261 undeveloped fields around the UK that benefit from its technology that deploys unmanned buoys rather expensive platforms to exploit the oil.
Its first target will be the Fyne Field off the coast of Scotland and the task next year will be to submit the field development plan.
The interest from partner Wood Group, the giant oil services group, provides endorsement of the company’s plans.
“The strategic emphasis going forward will continue to be on our marginal field initiative,” said chief executive Alan Minty.
“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.”
His comments came as the group posted results for the year ended June 30.
They revealed a period of significant progress in which it also agreed a multi-well farm-in agreed with Black Spruce Exploration to accelerate development of Newfoundland assets.
Like most companies that this formative stage of its development Enegi made a loss. The shortfall was £3.1mln for the year under review. The group completed a £2mln share placing in July that places it on a financially sound footing.