Enegi Oil joins forces with Advanced Buoy Technology

UK North Sea-focused oil and gas company Enegi Oil has entered into a joint venture agreement with Advanced Buoy Technology (ABT).

UK North Sea-focused oil and gas company Enegi Oil has entered into a joint venture agreement with Advanced Buoy Technology (ABT).

Under the terms of the joint venture, the two companies will work together to secure and develop interest in stranded, offshore oil reserves.

ABT's unmanned buoy technology will provide access to offshore reserves to depths of 600 feet.

"The joint venture provides Enegi with a unique opportunity to accelerate the growth of its asset portfolio by providing a cost effective means to access unrecognised, high value oil assets which are currently considered to be stranded or marginal despite in many cases being fully appraised," said Non-Executive Director of Enegi, Frank Jackson.

"The joint venture partners are appraising projects which are available and appropriate to the technology and are currently unable to be economically developed by conventional production systems. This joint venture will enable its partners, Enegi and ABT to secure bookable reserves, at a relatively low cost, building a niche but growing position in the upstream sector without taking on any excessive exploration and appraisal risk or extraordinarily additional capital exposure."

Shares in Enegi rose 1.37% to 9.25p at 10:32 Wednesday.

RD

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
What does the Coinbase listing mean for bitcoin and other cryptocurrencies?
Bitcoin

What does the Coinbase listing mean for bitcoin and other cryptocurrencies?

As the bitcoin price hit new highs, the world's biggest cryptocurrency exchange, Coinbase, listed on the stockmarket. John Stepek looks at what that m…
15 Apr 2021
Lab-grown meat: how “moo’s law” will drive innovation
Soft commodities

Lab-grown meat: how “moo’s law” will drive innovation

Jim Mellon and Anthony Chow, co-founders of Aim-listed Agronomics, explain why they believe that “cellular agriculture” will benefit from massive long…
16 Apr 2021