ABERDEEN oil firm DEO Petroleum said yesterday it had submitted a field-development plan (FDP) for the Perth licence area in the central North Sea.
It estimated that first output would be in the first half of 2014 and targeted 27.2million barrels of oil equivalent in the first phase.
DEO said it expected the Department of Energy and Climate Change (DECC) to give its consent to the plan, which includes using a floating production vessel, within six months.
The company also published its results for the first half of the year, revealing pre-tax losses of £69,000, compared with a £325,000 deficit 12 months earlier. Chief executive David Marshall said: “While focus will remain on advancing the FDP with DECC, we are also continuing to look at several acquisition opportunities and working actively with other North Sea participants in preparation for the 27th UK licensing round early next year.”