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
-
Is a mortgage in retirement always a bad idea?A mystery shopper exercise shows high street lenders are “shunning” retirees looking to take out a mortgage. Are they right to do so?
-
Three funds to consider as UK small caps trade at 30% discountUK small caps have been unloved for some time, but a shifting economic environment could give them a boost
