Canada-based Antrim Energy announced Tuesday that the UK's Department of Energy and Climate Change has approved the field development plan for the Fionn Field in the North Sea.
Fionn, which is located in UK North Sea Block 211/22a and is immediately adjacent to the Causeway Field in Block 211/23d, is estimated to contain some 6.2 million barrels of proved plus probable oil reserves. Antrim has a 35.5 percent interest in both blocks, where the operator is Valiant Petroleum.
The Fionn field development plan involves the previously-drilled well 211/22a-6 as a production well. The well, drilled in 2007 during the appraisal phase of Fionn and Causeway, tested oil from the Ness and Etive formations at a combined flow rate of approximately 5,500 barrels of oil per day (bopd).
The well, which was suspended after appraisal, will now be completed and first oil is anticipated in mid-2013. Initial production is estimated at 4,500 bopd.
Antrim and Valiant plan to combine Fionn production with that of the Causeway Field, and then transport produced oil to the Cormorant North platform.
Antrim expects its share of the development costs for Fionn to be approximately $22 million.
The news comes just over a week after Antrim reported that a second quarter pre-tax loss of $6.7 million (2Q 2011: $1.5 million loss).
The firm, which recently divested itself of its interests in Argentina in order to focus mainly on its opportunities in the UK, expects to generate significant revenues from the development of both the Causeway and Fyne fields. It confirmed Tuesday that first oil production from Causeway remains on track for September, with an anticipated 3,000 bopd net to Antrim.
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