Enegi and ABTechnology Ltd. ('ABT'), the owners of ABT Oil and Gas ('ABTOG') have entered into an option agreement (the 'Option') with Wood Group PSN, the international energy services company. The Option provides Wood Group PSN with an exclusive right for a period of 90 days to conclude an agreement to expand its participation in the development of the marginal field initiative, commenced by Enegi and ABT.

The parties to the Option will now enter into a period of negotiation during which Enegi, ABT and Wood Group PSN will seek to conclude discussions with regard to the structure and terms of this expanded role as well as conduct due diligence as required.

Tags: Enegi Oil, Wood Group PSN