AIM-listed oil and gas group Antrim Energy is to regain working interest, reserves and operatorship in the Fyne Licence in the North Sea from Premier Oil, under the terms of the joint operating agreement (JOA).
The Canada-based company said its working interest in Fyne (Central North Sea Licence P077 Black 21/28z) will increase from 35.1% to between 58.4% and 100%, "contingent on the election by the other party to the JOA." The increase is also subject to the approval from the UK Department of Energy and Climate Change (DECC), expected in the coming weeks.
Antrim is currently working on a Field Development Plan for the Fyne Field and the receipt of the DECC approval will allow the group to proceed with the development and achieve first oil in late 2014, the group said.
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"We are very pleased to increase our interest in the Fyne Field and associated licence," said Chief Executive Officer Stephen Greer.
"Over the past year, our partners in Fyne have invested over $32m, funding appraisal drilling and the evaluation and design of potential production infrastructure. The result is that the field is now fully appraised and contingent on the production facility design work, meets Antrim's economic criteria," he said.
Shares opened 2.16% higher at 59.25p on Friday morning.
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