Antrim Energy pulls withdraws from Fionn Field subarea
AIM-listed exploration and production company Antrim Energy has elected to opt out of the Fionn Field development in the North Sea, according to an operational update issued by the company on Friday.
AIM-listed exploration and production company Antrim Energy has elected to opt out of the Fionn Field development in the North Sea, according to an operational update issued by the company on Friday.
The company, which has interets offshore in the UK North Sea, Ireland and Tanzania, stated that the projected costs associated with the development of the smaller Fionn Field had risen to the extent that the project no longer met Antrim's previous economic criteria.
Subject to necessary approvals from the UK Department of Energy and Climate Change, the company said that Antrim would withdraw from the Fionn Field subarea and retain no further liabilities including no remaining decommissioning or well abandonment liabilities.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Antrim stated that Valiant, the operator of the Fionn Field, had paid 100% of the costs to date associated with the field and Antrim remains a 35.5% interest owner of the remainder of the area known as P201 Block 211/22a South East Area.
Further to the announcement about the Fionn Field development, the company said that completion of the water injector to increase production from Causeway Field was underway and that the field was currently producing 4,500 barrls of oil per day.
Antrim Energy's share price was down 2.22% to 33p at 09:32 on Friday.
MF
-
House prices are falling in London but how does it compare to the rest of the UK?
Advice The capital remains the most expensive part of the UK to buy a property, but it isn’t being as badly hit by the housing market slump. Where are London house prices heading?
By Marc Shoffman Published
-
Will a Santa Rally provide festive cheer for investors this year?
News Equities often get a seasonal boost during December - will there be a Santa Rally in 2023?
By Marc Shoffman Published