Enegi Oil and its joint venture partner ABTechnology have singed a heads of agreement with Antrim Energy for operations at Fyne field.

The agreement covers the UK Central North Sea Licence P077 that includes the Fyne field. Enegi and ABT have bene appointed to taking care of the costs of preparing an amended field development plan (FDP) for Fyne that is to be submitted to the UK Department of Energy and Climate Change (DECC) while Antrim will remain as the operator of the licence.

Enegi Oil has claimed that it can reduce the cost of developing stranded oil and gas fields by using unmanned buoys and advanced technology of ABTechnology. If the field development plan for Fyne is approved by the DECC, the joint venture will earn a 50% interest in the development of Fyne. A FDP was earlier prepared for the site and officials said that most of that can be incorporated into the new plan for submission.

Enegi chief executive Alan Minty said, "We are delighted to have entered into this agreement with Antrim. This is an example of how we can use the buoy solution to gain reserves and production in well-appraised, and therefore geologically low-risk, assets for a fraction of the price of traditional acquisition routes."