Causeway set for tieback to Cormorant North

Valiant Causeway has submitted a development plan to the UK government for the Causeway field in the northern North Sea.

Offshore staff

CALGARY, Canada – Valiant Causeway has submitted a development plan to the UK government for the Causeway field in the northern North Sea. According to partner Antrim Energy, approval should come through from the Department of Energy and Climate Change before year-end.

Causeway is in UK block 211/22a South West Area and block 211/23d. The plan calls for one new production well and a water injector in the East and Far East fault panels; development will also make use of existing wells drilled during the appraisal phase.

The production well will be completed with dual electrical submersible pumps, with first oil likely in mid- 2012. Hydrocarbons will be transported to and processed at the TAQA Bratani -operated Cormorant North platform before being exported to the Sullom Voe terminal on Shetland for sale.

Causeway contains an estimated 8.9 MMbbl of proved plus probable oil reserves in the East and Far East fault compartments. Development costs net to Antrim are $32 million, including $21.8 million associated with the sale of Antrim Causeway last month.

Orders have been placed for all long lead equipment and Technip has a letter of intent for the main subsea installation contract.

The development plan includes an option to produce reserves in the Central panel, although this is still under review by the partners.

09/01/2011

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