Antrim eyes small spar for Fyne oil field in the North Sea

Antrim Energy is set to re-gain operatorship from Premier Oil of the Fyne license in the UK central North Sea.

Offshore staff

CALGARY, Canada Antrim Energy is set to re-gain operatorship from Premier Oil of the Fyne license in the UK central North Sea.

Subject to approvals from various parties, including the UK Department of Energy and Climate Change (DECC), Antrim’s interest in the P077 block 21/28a license will increase to between 58.4% and 100%.

In the meantime, the company is preparing a field development plan for the Fyne containing an updated reserve estimate, production profile, and details of the production facility. Atkins Oil and Gas is completing a concept study for use of a small floating spar at Fyne.

The facility will be designed to handle peak oil production of around 15,000 b/d. Antrim expects the development to be phased in order to minimize initial capex, and gain early production revenue to fund additional development, including water injection and further production wells.

Fyne’s first-phase will likely include re-completion of existing wells on Northwest and Central Fyne for production. Both wells should be fitted with electrical submersible pumps to maximize delivery during the initial production period.

If approved, fabrication of the spar would begin in 2013 and first oil could flow by late 2014. The facility would be designed for re-use on other fields in the Greater Fyne Area, or elsewhere. Antrim CEO Stephen Greer said the design could potentially suit various small previously “stranded” sub-20 MMbbl fields in the UK North Sea.

Antrim is also a partner in the Causeway field in the northern North Sea, where production is due to start this summer. Pipelay should get under way later this month, and a rig has been contracted for well completions, scheduled to begin in mid-June.

A field development plan has been submitted to DECC for the adjacent Fionn field (Antrim 35.5%), with approval expected mid-2012.

Elsewhere, operator Premier has contracted Awilco Drilling’s semisubWilPhoenixfor an exploration well on the Cyclone prospect in central North Sea block 21/7b (Antrim 30%). This well will target the Tertiary Cromarty sandstone at 5,000 ft (1,524 m) TVD – drilling should start in the second half of this year. Antrim and Premier acquired the surrounding block under the UK’s 26th Seaward Licensing Round.

4/17/2012

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