Antrim Energy provide UK North Sea operations update
Friday, Feb 01, 2013Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim" or the "Company") Antrim Energy, an exploration and production company with interests offshore in the UK North Sea, Ireland and Tanzania, today provided an operational update of its interests in the UK North Sea.
Rig operations are currently underway to complete the water injector for the Causeway Field in licence P1383 Block 211/23d (Antrim 35.5% interest). The operations, on the previously drilled well (211/23d-18), are expected to be finished in February 2013. Startup of both the water injection and the electrical submersible pumps are scheduled for the second half of 2013, following the completion of topside modifications on the Taqa Bratani Limited ("TAQA") operated North Cormorant Production Platform. Currently, the Causeway Field is producing approximately 4,500 bopd (Antrim net 1,600 bopd) under primary depletion.
Projected costs associated with the development of the smaller Fionn Field, adjacent to the Causeway Field in licence P201 Block 211/22a South East (Antrim 35.5% interest), have risen to the extent that the project no longer meets Antrim's economic criteria. Antrim has therefore elected to opt out of the Fionn Field development, in accordance with the previously announced agreement (January 23, 2012) with operator Valiant Petroleum plc ("Valiant"). Subject to all necessary approvals from the UK Department of Energy and Climate Change ("DECC"), Antrim will withdraw from the Fionn Field subarea and retain no further liabilities, including no remaining decommissioning or well abandonment liabilities. Valiant has paid 100% of the costs to date associated with the field. Antrim remains a 35.5% interest owner of the remainder of P201 Block 211/22a South East Area.
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