Posted 24.01.2013 11:12:05 av John Bradbury


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Antrim Energy has firmed up development of another UK North Sea field based on using a leased FPSO.

Antrim said today it has finalised a draft Field Development Plan for the Fyne project in the UK Central North Sea which has now been submitted to the UK offshore regulatory authority, the Department of Energy and Climate Change, for consideration.

At the same time the company says it has also started an initial Front End Engineering and Design programme for Fyne with the aim of getting the field onstream by late 2014.

Antrim now holds 100% equity in the Fyne field licence area, P077, covering block 21/28a after acquiring interests from partners Premier Oil and First Oil.

The announcement came today as Antrim announced a US $30 million payment swap deal whereby its UK operating entity Antrim Resources NI Limited –  Arnil – has agreed a transaction with Credit Suisse AG. Under the agreement, Antrim says it has obtained sufficient funds to cover a cost overrun on completing a production well on the Causeway field, in UK licence P1383, block 211/23d, and future costs for drilling a water injection well at Causeway, plus initial FEED work at Fyne.

Antrim is due to repay the $30 million to Credit Suisse in 29 instalment from September this year through to January 2016 at a fixed interest rate of 5.1%.

And in order to meet the instalments, Antrim has also arranged a Brent Oil price commodity swap with Credit Suisse International, covering the forward sale of 657,350 barrels of Brent crude at a price of $89.37bbl, from February through to December 2015.