Huntington Oil Field Resumes Production

Production from the Huntington offshore oil field, located in the UK sector in the North Sea, has resumed, Iona Energy has reported.

Production was restricted from January 15th due to the Voyager Spirit FPSO storage tanks being full and extreme weather preventing the shuttle tanker connecting for offloading. The 16th cargo from Huntington has now been off-loaded and as of January 28th production has resumed.

Huntington has now passed the milestone of producing 3 million barrels of oil with Iona’s net share of production being more than 0.5 million barrels of oil and 0.3 bcf of gas. Average realized oil prices remain at a premium to Brent and recent realized gas prices have averaged USD10.50/mcf.

The working interests in the Huntington field are E.ON E&P UK Ltd (25% Operator), Premier Oil plc (40%), Noreco Oil (UK) Limited (20%), and Iona (15%). In addition to the working interest, Iona holds a gross overriding royalty of 2.55% of the total Huntington production, payable from the Huntington Joint Venture Partners.

 

January 31, 2014

 

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