By OGJ editors
HOUSTON, Mar. 4 -- Antrim Energy Inc., Calgary, is moving toward development of Fyne oil field and nearby fields off eastern Scotland in the UK North Sea.
The company is talking with floating production, offloading, and storage vessel providers and with operators of production facilities in the area to determine transportation routes for Fyne production.
Antrim, operator of Block 21/28a with 75% interest, expects the field to produce 19,300 b/d of oil. It estimates Fyne reserves at 21 million bbl.
Initial development will be of the Fyne pool, which lies in 360 ft of water. Subsequent development will involve nearby Dandy field and the A4 discovery.
Fyne wells have been tested at rates of 3,600-4,000 b/d of sweet, medium-gravity oil from Eocene Tay sands encountered at 3,500-5,000 ft.
Antrim’s partner in Block 21/28a is First Oil Expro Ltd. with 25% interest. Antrim holds 100% interests in three nearby blocks, which surround the Guillemot oil fields operated by Petro-Canada.
Antrim said it is concentrating on Fyne development after signing a conditional agreement to sell a 30% interest in Causeway oil field in the UK North Sea east of the Shetland Islands.
Valiant Petroleum PLC will acquire the interest and become Causeway operator, paying Antrim $21.75 million for development costs. After the transaction, Valiant will hold a 54.5% interest.
The transaction is subject to several conditions, including approval by the government of the development plan. Antrim, the current operator, will retain a 35.5% working interest. Geysir Petroleum UK Ltd. has a 10% interest.
Antrim estimates proved and probable reserves in Causeway field, which lies in 350 ft of water, at 15.3 million bbl of oil. The main oil zones are in Middle Jurassic Brent at 10,000-11,000 ft.
Chesapeake Energy Corp.
