Enegi Oil has announced that it has signed a deal with Korea Global Energy Corporation (KGEC) to explore for oil in Jordan
Enegi has accepted a Heads of Terms with KGEC, which will see it being issued a five per cent interest in the oil block.
The details of the PSA has been agreed with and initialled by the Natural Resources Authority.
“This is an excellent opportunity for the company and once ratification of the PSA has taken place Enegi will possess an interest in what we believe is a very exciting project, " said Alan Minty, CEO of Enegi.
“Our entry into this block is consistent with our strategy of identifying interesting opportunities where we can bring our expertise into the partnership at minimal costs to our shareholders; thus de-risking our current portfolio.”
Enegi will provide technical and operational support to the development of the block, where numerous wells that have already been drilled have showed presence of hydrocarbons.
The first stage of the work programme would entail an evaluation of technical data and the acquisition of new geophysical data.
