Antrim close to decision on Fyne and Causeway

Antrim Energy is working on a development plan for the Fyne oil field in the UK central North Sea.

Offshore staff

CALGARY --Antrim Energy is working on a development plan for the Fyne oil field in the UK central North Sea. This will likely involve production from two wells, two of which were drilled in 2008.

The company is evaluating options for production systems and export routes: these include an independent FPSO and a tie-in to infrastructure between 7 and 12 km (4.3 and 7.4 mi) from Fyne, located in block 21/28a.

Last year Antrim signed a Heads of Terms agreement with Fairfield Energy to route the Causeway subsea development through the Dunlin A platform in the northern North Sea.

Both parties continue to work on cost and time savings for the subsea tie-in. The changes should be incorporated into an updated field development plan for Causeway, to be submitted to the UK government towards year-end. This will include results of new geophysical and geological studies and 3D seismic interpretation.

The first phase of the development will involve production from the 2006 discovery well 211/23d-17z supported by the pressure maintenance well 211/23d-18 drilled last year.

Antrim anticipates initial oil production of 15,000 b/d, tailing off to 7,000 b/d. It will not commit to construction contracts, however, until capital markets and commodity prices stabilize.

05/13/2009

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