A pipeline is expected to be installed next month as part of plans to revitalise Ithaca’s Cook field in the North Sea.
Malaysia’s Hibiscus Petroleum, which has a 19.3% stake in Cook, said in its full-year results that a water injection well to re-pressurise the depleted reservoir was completed in May.
A subsea pipeline, connecting the new well to Hibiscus’ Anasuria floating production, storage and offloading vessel (FPSO) is expected to be installed by the end of September.
Hibiscus has previously stated it expects to receive an additional 3.2million barrels of oil from its 19.3% stake in Cook as a result of the new water injection project.
It said that it has paid £7.6m of its £12m total cost for the scheme.
Meanwhile, the Malaysian firm also gave an update to its plans to push another 1.7million barrels of oil out of its Guillemot field, which is also part of the Anasuria cluster of fields in the central North Sea.
On July 28, the firm said the Stena Spey rig drilled a side-track well to 11,615ft and encountered 445feet of “oil-bearing sands”, penetrating the oil and gas zones on August 16.
The firm said flow rates are yet to be established and that the total cost to its Anasuria Hibiscus subsidiary will be £20million.
Hibiscus’ news came amid the company’s full-year results for 2018, with pre-tax profits of £77.4m, up 60% up from £48.3m the year before.
The company said this was the result of “higher overall production from the Anasuria Cluster in the United Kingdom” as well as the first full year of production from its North Sabah asset in Malaysia.
Revenues also jumped 151% from £78m to £195.5m.
The Anasuria FPSO performed better in the fourth quarter than Q3 as the Health and Safety Executive had issued a prohibition notice requiring a temporary halt in production in February.
Hibiscus Petroleum’s managing director Kenneth Pereira said: “Our asset teams from both North Sabah and the Anasuria Cluster are progressing through an exciting capital expenditure programme to drill a total of nine wells in the 2019 calendar year; two wells in the UK and a further seven in Malaysia.
“Additionally, we have commenced the evaluation of options to develop the Marigold and Sunflower discovered oilfields in the UK, which hold significant potential to drive future earnings growth.
“We look forward to safely delivering all our projects and enhancing value for our shareholders.”