Sanction for Fionn tieback in North Sea

Britain’s Department of Energy and Climate Change has approved the development plan for the Valiant Petroleum-operated Fionn field in the UK North Sea.

Offshore staff

CALGARY, Canada – Britain’s Department of Energy and Climate Change has approved the development plan for the Valiant Petroleum-operated Fionn field in the UK North Sea.

Located in block 211/22a South East Area, Fionn is adjacent to theCauseway field, where first oil is expected next month, according to partner Antrim Energy.

Fionn’s suspended well 211/22a-6, drilled in 2007, will be re-used as a producer. The well tested oil from the Ness and Etive formations at 5,500 b/d. It will be completed with dual electrical submersible pumps. First oil is anticipated in mid-2013, at an initial rate of 4,500 b/d.

Well productivity and reservoir pressure data will be monitored and reserves estimates reviewed periodically. Should pressure support be needed, water injection could be introduced via another Fionn suspended well.

Fionn’s production will be combined with output from Causeway and transported for processing to the TAQA-operated Cormorant North platform. Flowlines were installed at the same time as Causeway’s as a pre-investment.

Valiant has agreed to finance Antrim’s working interest share of Fionn pre-investment costs. Additionally, Antrim has the option for three months following first oil production from Causeway either to opt out of the Fionn development, or confirm its participation by paying its 35.5% share of the pre-investment costs plus interest in respect to financing.

8/23/2012

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