Tuesday 13 October 2020

Zennor Petroleum Ltd (“Zennor”) is pleased to announce that the 2020 Finlaggan subsea installation campaign, utilising three separate vessels mobilisations over the summer, has been safely completed.

The Finlaggan manifold was installed adjacent to the two Finlaggan production wells (F1 and F2). This 145-tonne structure will allow well stream level metering to be conducted and provides potential tie-in points for additional wells and fields.

As planned, the 15 pipeline spools to provide the final connections required at either end of the pipeline were all installed on the seabed and the 20km pipe-in-pipe flowline from Finlaggan to the Subsea Isolation Valve (SSIV) skid within the Britannia 500m zone was dewatered.

At year end the Finlaggan development project will be over 90% complete and on target for first production in Q4 2021 following the rescheduled Forties Pipeline System shutdown in Q2 2021.

Zennor is also pleased to report that in Q3 2020 our lenders agreed to upsize the existing Senior Secured Term Loan Facility to fund the Finlaggan project to £185m, and extend it by one year in line with the latest Finlaggan development schedule, which has been revised as a result of COVID-19.

Martin Rowe, Zennor’s Managing Director, said:

“Despite a challenging macro-economic and operational environment, we’re delighted to have overcome the disruption from the COVID-19 pandemic in order to accomplish this milestone for the Finlaggan project.

The completion of the 2020 subsea installation campaign is a significant step forward and is testament to the quality of the team and lead contractors who have been working with us on this project.

With first production now scheduled for Q4 2021, we also greatly appreciate the extension and upsizing of our loan facilities and would like to thank our lenders for their ongoing support and endorsement of our project.”