Antrim bids farewell to Fionn

Bidding farewell: Antrim has withdrawn from the Fionn field development in the UK North Sea to focus on its cormorant East and Fyne projects

JEFF LOWRY

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Danica Newnham

 01 February 2013 09:42 GMT

UK-listed Antrim Energy said it has decided to withdraw from the Fionn field development in the UK North Sea to focus on its “more attractive” Cormorant East and Fyne projects.

The company stated on Friday that the projected costs associated with developing the Fionn field in Block 211/22a South East, where Antrim held a 35.5% interest, had “risen to the extent that the project no longer meets Antrim’s economic criteria”.

As a result, the company has elected to opt out of the Valiant Petroleum-operated project and retain no further liabilities.

Antrim will, however, retain its 35.5% interest in the remainder of the block excluding the Fionn field subarea.

"Antrim's decision to opt out of further development work on the Fionn field allows the…

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