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.
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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.
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