On 17 September 2018 Zennor Petroleum announced that its subsidiary Zennor North Sea Limited has agreed to acquire Mitsui E&P UK Limitedâs 8.97% interest in the Britannia field (P213, Block 16/26a Area B and P345 Block 16/27b Area B). The deal is key with regards to the developing Finlaggan field which will be a sub-sea tie-back to the Britannia platform. Also, in the 30th Round, Zennor acquired acreage nearby to Finlaggan and Britannia. Through the deal, Zennor will double its production to around 5,000 boe/d. Mitsui will retain the majority of the decommissioning liability up to the agreed cap with Zennor fitting the balance. The effective date of the transaction is 1 January 2018 and the deal requires regulatory approval.  Zennor submitted its Environmental Statement for the development of the Finlaggan discovery in block 21/5c (P2013) in early 2018. The development for the field comprises a subsea manifold and two production wells tied back to the Britannia platform (in block 16/26) which is operated by ConocoPhillips. Zennor has an option to drill a third well, two to three years after first production but this will be dependent on how the reservoir performs but the initial plan just involves two development wells. Fluids will be processed on the Britannia platform and exported to shore via existing infrastructure. Peak production rates at Finlaggan are expected to be 80 MMcfg/d and 4,500 bc/d. The subsea infrastructure has a design life of 15 years and the field is expected to produce for 10 years. Zennor commenced drilling activities in Q3 2018. The wells will then be suspended until the subsea infrastructure is installed in 2020 with the project planned to come onstream in late 2020.  Following completion of the deal interest in the Britannia field will be held by ConocoPhillips (UK) Ltd (40.6%), Chevron North Sea Ltd (32.28%) ConocoPhillips (UK) Theta Ltd (9.01%), Zennor North Sea Ltd (8.97%), ConocoPhillips Petroleum Co (UK) Ltd (7.23%), ConocoPhillips Ltd (1.81%).
Zennor Petroleum announced that its subsidiary Zennor North Sea Limited has agreed to acquire Mitsui E&P UK Limitedâs 8.97% interest in the Britannia field (P213, Block 16/26a Area B and P345 Block 16/27b Area B). 