Independent oil and gas firm Trapoil says it expects repairs to the P2 well on the Athena field to be completed ‘quickly’ to bring production back up to previous levels.
The Athena well, which is currently producing less than 9000 barrels of oil per day, is operated by Ithaca, with Trapoil having a 15% working stake in the operation.
The well was shut down due to electrical cable problems, but the company said a diving support vessel had been contracted to repair the fault and production from the well was set to resume within the next few weeks.
“We anticipate that the planned repairs to the “P2″ well will be completed quickly with production from all four producing wells being reestablished,” said Trapoil CEP Mark Groves Gidney
“At current production levels, and after taking account of other factors such as oil prices and hedging arrangements, Trapoil currently expects to receive approximately £1.5m net cash inflow per month from Athena. Our view on the level of ultimately recoverable reserves remains unaltered as there is still insufficient water production to draw any firm conclusions at this stage.”
The company said the field had also started producing water with the oil, but that this had happened ‘significantly later’ than had been expected.