Fionn firmed for mid 2013 production start
Production from the UK North Sea Fionn field development has been confirmed for mid 2013 partner Antrim energy indicated today.
In a third quarter interim statement today, Antrim said installation of a subsea infrastructure for development of Fionn has been completed by operator Valiant Petroleum.
Approval for a Fionn field development plan was granted by the UK's Department of Energy and Climate Change back in August and production from the field is to be combined with the Causeway development – now onstream – which is tied back to the Taqa-operated North Cormorant platform in the UK Northern North Sea.
Remaining development costs at Fionn which is regarded as phase two of the Causeway development, – including pre-investment costs - are put at US $22 million by Antrim.
Valiant is paying Antrim's pre-investment costs at Fionn but a deal between the two companies gives Antrim the option to opt out of Fionn thus: “Antrim has the option for three months following first oil production from the Causeway Field to opt out of participating in the Fionn field development and sell its 35.5% working interest share to Valiant for the cost of its 35.5% working share of the Fionn pre-investment costs, or to confirm its continued participation by repaying its share of the Fionn pre-investment costs plus interest,” Antrim underlined in its interim statement today.