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.

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

Recommended

HubSpot: a tech stock set to tumble
Trading

HubSpot: a tech stock set to tumble

US tech stocks have had a fantastic couple of years. But this year is unlikely to be so bullish for high-fliers that can’t turn big profits.
18 Jan 2022
How to be better at selling stocks
Investment strategy

How to be better at selling stocks

There is plenty of advice around about buying stocks, but not so much about when you should sell. John Stepek explains the two key things to know abou…
14 Jan 2022
Share tips of the week – 14 January
Share tips

Share tips of the week – 14 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
14 Jan 2022
Fintech: how to profit as technology transforms banking around the world
Share tips

Fintech: how to profit as technology transforms banking around the world

Financial technology – from apps to APIs to the cloud – is rapidly transforming financial services. This will spell doom for some incumbent firms, whi…
14 Jan 2022

Most Popular

Five unexpected events that could shock the markets in 2022
Stockmarkets

Five unexpected events that could shock the markets in 2022

Forget Covid-19 – it’s the unexpected twists that will rattle markets in 2022, says Matthew Lynn. Here are five possibilities
31 Dec 2021
US inflation is at its highest since 1982. Why aren’t markets panicking?
Inflation

US inflation is at its highest since 1982. Why aren’t markets panicking?

US inflation is at 7% – the last time it was this high interest rates were at 14%. But instead of panicking, markets just shrugged. John Stepek explai…
13 Jan 2022
Tech stocks teeter as US Treasury bond yields rise
Tech stocks

Tech stocks teeter as US Treasury bond yields rise

The realisation that central banks are about to tighten their monetary policies caused a sell-off in the tech-heavy Nasdaq stock index and the biggest…
14 Jan 2022