CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - June 12, 2012) -
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Antrim Energy Inc. (News - Market indicators) (AIM:AEY) ("Antrim" or the "Company") Antrim, an international oil and gas exploration and production company headquartered in Calgary, Canada, today announced it has been granted an extension for the submission of a Field Development Plan ("FDP") for the Fyne Field in UK Central North Sea licence P077 Block 21/28a (the "Fyne Licence").
The UK Department of Energy and Climate Change ("DECC") notified Antrim that it has extended the deadline for submission of an FDP for the Fyne Field from June 2012 to January 2013. Antrim also anticipates DECC approval of the transfer to Antrim of the working interests of the other two partners in the Licence, Premier Oil UK Limited ("Premier") and First Oil Expro Limited ("FOE"), as well as the transfer of operatorship to Antrim from Premier. Once DECC approves the transfers, Antrim will be operator and hold 100% working interest in the Fyne Licence. The licence target date for first production remains fourth quarter of 2014.
Antrim continues its work on the design of a small SPAR production facility to determine its suitability for Fyne and surrounding fields in the Greater Fyne Area. In parallel with this work, Antrim is seeking joint venture partners to participate in appraisal and development of the Greater Fyne Area discoveries, including West Teal in Block 21/24b (Antrim 100%).
First oil production from the Causeway Field in Block 211/23d (Antrim 35.5%) remains on track for the third quarter of 2012 with an anticipated 3,000 barrels of oil per day net to Antrim. The subsea gathering system has been installed, and well completion work is scheduled for July. First production from the adjacent Fionn Field in Block 211/22a South East Area (Antrim 35.5%) is anticipated in mid-2013.
TAQA Bratani Limited ("TAQA") has informed Antrim that the Contender exploration well in Block 211/22a Contender Area (Antrim 8.4%) is expected to start drilling in early July 2012. The well will be drilled from the TAQA-operated Cormorant North platform to the prospect approximately 11 kilometers west of the Causeway Field, targeting the Jurassic Brent sequence of sandstones. If successful, the Contender well is expected to be on production before the end of the year through the Cormorant North platform. Under the terms of the farm-out agreement with TAQA (as previously announced August 25, 2011), Antrim's drilling costs will be completely funded by TAQA.
The Cyclone exploration well, operated by Premier in Block 21/7b (Antrim 30%), is expected to spud in October 2012. The well will target the Tertiary Cromarty sandstone at approximately 5,000 feet true vertical depth. A site survey was completed in April 2012.
Additional information concerning Antrim Energy Inc. is available at www.antrimenergy.com. Investor inquiries may be directed to info@antrimenergy.com or 1-403-264-5111.
Forward-Looking and Cautionary Statements
Management plans to minimize initial capital expenditures of the Fyne development by using a small floating mini-Spar facility ("Spar") combined with a phased approach to allow early production revenue to fund additional development. If the FDP is not submitted by January 2013, the Fyne Licence could be revoked. Antrim's increased ownership in Fyne will allow Antrim sole control over development and seeking partners for development; however, increased ownership could increase the risk that the development of Fyne will not proceed as expected.
Some of the statements in this announcement may be forward-looking including statements relating to Antrim's business plans for the development of the Fyne Field, including the timing thereof, anticipated drilling dates for Contender and Cyclone, anticipated well completion date and production rates for Causeway, and anticipated first production dates for Causeway and Fionn. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "expect", "anticipate", "approximate", "schedule" and similar expressions 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, including without limitation, unanticipated delays with respect to the development of the Fyne Field, the commencement of drilling operations on the Contender and/or Cyclone Fields, the well completion of the Causeway Field, or the first production of the Causeway and/or Fionn Fields. 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 Amended and Restated Annual Information Form for the year ended December 31, 2011 and dated March 26, 2012 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.
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 36 years operating experience in the upstream oil and gas industry.
