CALGARY, ALBERTA AND LONDON, UNITED KINGDOM--(Marketwire - Oct. 18, 2011) -
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Antrim Energy Inc. (News - Market indicators)(AIM:AEY) ("Antrim" or the "Company"),
About Antrim Energy Inc.
Antrim Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada.
Irish Offshore Option Award
Antrim has been awarded a Frontier Licence Option by the Department of Communications, Energy and Natural Resources of Ireland, under the Irish 2011 Atlantic Margin Licensing Round.
The Licence option area covers Blocks 44/4, 44/5 (part), 44/9, 44/10, 44/14, 44/15, an area of approximately 1,409 square kilometres located in the Porcupine Basin situated approximately 110 km off the SW coast of Ireland. The option allows Antrim two years to qualify the blocks for a full Exploration Licence.
The Antrim blocks are in an area of the Porcupine Basin which has seen some significant licensing activity particularly the recently announced farm-in by Repsol on the ExxonMobil operated Dunquin Licence. ExxonMobil along with its partners have recently agreed to enter a second phase of exploration on the Dunquin Licence which carries a firm well commitment to be drilled prior to November 2013. The Antrim award is immediately adjacent to and north of the Dunquin prospect.
The Porcupine Basin has large areas of potentially mature Jurassic oil source rocks and significant potential for Jurassic, Lower Cretaceous and Upper Cretaceous petroleum reservoirs in seismically defined but untested tilted fault blocks.
Update on Fyne Area Drilling Schedule, UK North Sea
Antrim expects to commence drilling on the "Erne" exploration prospect (Antrim 50%, operator) in the Greater Fyne Area once the WilPhoenix rig has completed its current operations with another exploration company on a well West of Shetland. Following the completion of the Erne well, the rig will move to Antrim's "Carra" prospect (Antrim 100%). The East Fyne appraisal well is expected to commence drilling in the fourth quarter of 2011.
Antrim is pursuing a strategy of balancing longer term and capital-intensive investments in the UK North Sea with shorter investment cycle on-shore exploration and production opportunities. Antrim also considers other global exploration opportunities as they arise.
Additional information concerning Antrim Energy is available at www.antrimenergy.com. Investor inquiries may be directed to info@antrimenergy.com or 1-403-264-5111.
Forward-Looking Statements
Some of the statements in this announcement may be forward-looking including statements relating to the expected drilling time of the Erne and Carra prospect and East Fyne appraisal well. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "anticipate", and "estimate" and similar expressions, whether used in connection with production level, drilling activity, reserves of neighboring properties or otherwise, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Antrim's control. Please refer to Antrim's Annual Information Form for the year ended December 31, 2010 and dated March 28, 2011 and available for viewing at www.sedar.com, for a list of risk factors. Antrim's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Antrim will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Antrim or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release.
Note: The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.
In accordance with AIM guidelines, Mr. Terry Lederhouse, P. Eng and Vice President Commercial of Antrim, is the qualified person that has reviewed the technical information contained in this news release. Mr. Lederhouse has over 30 years operating experience in the upstream oil and gas industry.
