UK North Sea Causeway, Fionn field start-ups near

UK regulators have approved the field development plan for Fionn field on UK North Sea Block 211/22a South East Area.

Valiant Petroleum PLC operates Fionn with 64.5% working interest, and Antrim Energy Inc., Calgary, has 35.5%.

Fionn is to be developed using the previously drilled and suspended 211/22a-6 well as a production well. Drilled in 2007 during the appraisal phase of Fionn and adjacent Causeway field, the well tested oil from the Ness and Etive formations at a combined 5,500 b/d of oil. The well is to be completed with dual electrical submersible pumps and go on production in mid-2013 at 4,500 b/d.

Well productivity and reservoir pressure data will be monitored and reserves estimates periodically reviewed. If it is determined that pressure support is warranted, water injection can be facilitated with an existing suspended well, Antrim said.

Fionn production will be combined with Causeway field output and transported for processing to the Cormorant North platform. Gathering lines for Fionn were installed at the same time as Causeway.

Antrim has the option for 3 months following first oil production from Causeway field to opt out of participating in the Fionn development or to confirm its participation in Fionn by paying its 35.5% working interest share of the pre-investment costs plus interest in respect to the financing. Antrim’s share of those costs is estimated at $22 million.

Antrim’s reserves evaluator estimated that Fionn contains 6.2 million bbl of proved and probable oil reserves.

Causeway field remains on track for September 2012 start-up at an anticipated 3,000 b/d net to Antrim.

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