Slow start for Antrim's Causeway field
Initial production rates on Antrim Energy's Causeway field in the North Sea have proved lower than expected, due to problems associated with the long horizontal nature of the well.
Initial production rates on Antrim Energy's Causeway field in the North Sea have proved lower than expected, due to problems associated with the long horizontal nature of the well.
The Canadian group said the Causeway field in UKCS Block 211/23d, in which it has a 35.5% working interest, has started production with gross output rates of around 4,500 barrels of oil per day on a 53% choke; a "choke" is a device installed to restrict the flow of fluids.
The next phase of work on Causeway and the Fionn oil field is anticipated to commence early in 2013 and to be completed by the middle of the year, the company revealed.
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
Stephen Greer, Antrim President and Chief Executive Officer, said the production of oil from its UK North Sea interests represents a major milestone for Antrim.
"Causeway is expected to contribute substantial cash flow to Antrim, as we continue to develop our existing assets and explore other opportunities in the UK and elsewhere," Greer said.
JH
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Higher rates are disappearing – should you fix your savings?
Fixed savings rates have dropped to their lowest levels in over a year. Should you fix your savings now ahead of a potential base rate cut in November?
By Katie Williams Published
-
Nine million people fall victim to financial scams, says Citizens Advice
The charity says that around one in five people across the UK have been caught out by a finance scam in the past year - here is how to protect your money
By Chris Newlands Published