Financing of the field, which was being developed as a subsea tie-back to CNR International’s Ninian Central platform and was due on stream in the fourth quarter of 2016, has fallen through after Iona’s earlier failure to farm out part of its 75% operating stake in the scheme, the Faroese partner confirmed in a statement.
Atlantic stated that Iona entered administration proceedings earlier this year and development of the field has been stalled.
Funding
