Chestnut Farm - in Agreement

abarrelfullabarrelfull wrote on 25 Feb 2013 06:55

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03 Apr 2001

Premier and the joint venture partners in UKCS block 22/2a announce the execution of an agreement with Amerada Hess Ltd (AHL) for their farm-in to the Chestnut Field located in the central North Sea. This follows cancellation of the agreement with Brovig Production Services Ltd announced in September 2000.

The Chestnut field is being developed in two phases. The first phase comprises an extended well test (EWT) of a newly drilled horizontal producer with subsea completion. The second phase is a full development of the field and is subject to a successful EWT, regulatory consents and partner approvals. Production from the EWT is expected to begin in the second quarter 2001.

Under the farm-in agreement AHL will fund all remaining costs of phase 1 from 23 March 2001 and will assume operatorship of the field in return for 50% equity and a share of oil production revenues.

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