CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - Nov. 21, 2012) -
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Antrim Energy Inc. (News - Market indicators) (AIM:AEY) ("Antrim" or the "Company")
Antrim today announced that a Field Development Plan ("FDP") has been approved for the Cormorant East Field in UK Northern North Sea Block 211/22a Contender Area (the "Contender Block", Antrim interest 8.4%).
As previously announced (October 22, 2012), Antrim and partners successfully drilled well 211/21-N94 (the "Contender Well") and penetrated a thick section of oil-bearing sandstones in the Tarbert Formation of the Jurassic Brent Group, with excellent porosity and oil saturation and no water zone encountered. The discovery has been re-named the "Cormorant East Field". A FDP for the Cormorant East Field has been approved by the UK Department of Energy and Climate Change ("DECC"). The FDP calls for the field to be initially produced under primary depletion, with the potential to install a water injection scheme at a later date.
Completion and tie-in of the Contender Well is underway, with first oil anticipated before the end of the year. Production will be processed at the North Cormorant platform operated by TAQA Bratani Limited ("TAQA") before being exported to the Sullom Voe terminal for sale. Other interests in the Contender Block are TAQA 60% (Operator), Dana Petroleum (E&P) Limited 20%, First Oil Expro Limited 7.6% and Bridge Energy Enterprises Limited 4%. Under the terms of the farm-out agreement with TAQA, Antrim's working interest share of the drilling, completion and tie-in costs were funded by TAQA. Antrim's share of the completion and tie-in costs will be recovered by TAQA from production revenue.
Additional information concerning Antrim Energy Inc. is available at www.antrimenergy.com. Investor inquiries may be directed to email@example.com or 1-403-264-5111.
Forward-Looking and Cautionary Statements
Some of the statements in this announcement may be forward-looking including statements relating to Antrim's business plans for developing the Cormorant East Field. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "anticipate", "potential" 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 development of the Cormorant East Field. 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 VP - Commercial of Antrim, is the qualified person that has reviewed the technical information contained in this news release. Mr. Lederhouse has over 35 years of experience in the upstream oil and gas industry.