Friday, 18 January 2013

Antrim Energy says production resumes at Causeway field

Antrim Energy (TSE:AEN) (AIM:AEY) has resumed production from its Causeway field in the Northern North Sea, UK, following a shut-in period of three days, sending its shares higher Friday. 
The nearby Cormorant East field is expected to resume production in the next few days, it added. 
The news comes after an announcement earlier this week that the export infrastructure system used by both these fields was unavailable due to a precautionary shutdown of the Cormorant Alpha platform and the Brent Pipeline system. 
The cause of the “shut-in” was a possible leak in pipelines used by the Cormorant Alpha platform. The disruption affected over twenty other fields in the Northern North Sea.
Antrim said today that it has now been notified by the export system operator, TAQA Bratani Limited, that the flow of crude oil to the Brent Pipeline system has been restored. 
Cormorant Alpha production, which does not include production from Causeway or Cormorant East, remains shut-in, it added. 
Production from both Causeway and Cormorant East is processed at the North Cormorant platform, before being exported in a co-mingled stream across the Cormorant Alpha platform to the Brent Pipeline System entry point for onward transportation to the BP-operated Sullom Voe terminal. It is then sold. 
The company noted that roughly 80,000 barrels of oil per day of production from fields upstream of the Cormorant Alpha platform is exported via the Brent Pipeline system.
Antrim has a 35.5 per cent interest in the Causeway field, and an 8.4 per cent interest in the Cornorant East field. 
Shares in the company gained over 5% to 60 cents this afternoon.

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