Chart usGOLD   Chart usSILVER  
 
Food for thought
There are lies, damn lies and statistics
Winston Churchill  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1294.50-7.82
Silver 19.58-0.07
Platinum 1414.00-18.75
Palladium 796.60-2.15
WORLD MARKETS
DOWJONES 1643511
NASDAQ 410519
NIKKEI 144180
ASX 544532
CAC 40 443226
DAX 941092
HUI 221-1
XAU 900
CURRENCIES (€)
AUS $ 1.4815
CAN $ 1.5210
US $ 1.3814
GBP (£) 0.8228
Sw Fr 1.2198
YEN 141.4800
CURRENCIES ($)
AUS $ 1.0726
CAN $ 1.1010
Euro 0.7239
GBP (£) 0.5956
Sw Fr 0.8831
YEN 102.4070
RATIOS & INDEXES
Gold / Silver66.11
Gold / Oil12.43
Dowjones / Gold12.70
COMMODITIES
Copper 3.050.03
WTI Oil 104.170.41
Nat. Gas 4.730.20
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
Antrim Energy: UK North Sea Operations Update
Published : February 01, 2013
( 0 vote, 0/5 ) Print article
     
Tweet

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - Feb. 1, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.

Antrim Energy Inc. (News - Market indicators) (AIM:AEY) ("Antrim" or the "Company") Antrim Energy, an exploration and production company with interests offshore in the UK North Sea, Ireland and Tanzania, today provided an operational update of its interests in the UK North Sea.

Highlights:

  • Completion of water injector to increase production from Causeway Field underway - field currently producing 4,500 bopd (1,600 bopd net to Antrim)
  • Resumption of production from Cormorant East Field following a precautionary shutdown of the Cormorant Alpha platform and Brent Pipeline System - currently performing production diagnostic testing
  • Submission of Draft Field Development Plan ("FDP") for Fyne Field to DECC on January 14, 2013 - approval expected by 2Q 2013
  • Antrim election to not participate in further development work on the Fionn Field - retains 35.5% interest in remainder of P201 Block 211/22a South East Area

Causeway Field

Rig operations are currently underway to complete the water injector for the Causeway Field in licence P1383 Block 211/23d (Antrim 35.5% interest). The operations, on the previously drilled well (211/23d-18), are expected to be finished in February 2013. Startup of both the water injection and the electrical submersible pumps are scheduled for the second half of 2013, following the completion of topside modifications on the Taqa Bratani Limited ("TAQA") operated North Cormorant Production Platform. Currently, the Causeway Field is producing approximately 4,500 bopd (Antrim net 1,600 bopd) under primary depletion.

Fionn Field

Projected costs associated with the development of the smaller Fionn Field, adjacent to the Causeway Field in licence P201 Block 211/22a South East (Antrim 35.5% interest), have risen to the extent that the project no longer meets Antrim's economic criteria. Antrim has therefore elected to opt out of the Fionn Field development, in accordance with the previously announced agreement (January 23, 2012) with operator Valiant Petroleum plc ("Valiant"). Subject to all necessary approvals from the UK Department of Energy and Climate Change ("DECC"), Antrim will withdraw from the Fionn Field subarea and retain no further liabilities, including no remaining decommissioning or well abandonment liabilities. Valiant has paid 100% of the costs to date associated with the field. Antrim remains a 35.5% interest owner of the remainder of P201 Block 211/22a South East Area.

Cormorant East Field

Production from Cormorant East Field (licence P201 Block 211/22a Contender Area, Antrim 8.4% interest) resumed January 20, 2013 following a precautionary shutdown of the Cormorant Alpha platform and Brent Pipeline System. Currently, production is temporarily shut in to assess well integrity and reservoir potential via downhole pressure monitoring. The field is initially being produced under primary depletion via a single production well tied directly to and accessible from the North Cormorant Platform, with the potential to install water injection at a later date. Under the terms of a farm-out agreement, TAQA funded Antrim's working interest share of the drilling, completion and tie-in costs of the discovery well. Antrim's share of the completion and tie-in costs will be recovered by TAQA from Antrim's share of initial production revenue. Future drilling locations are being considered by the partners.

Fyne Field

A draft FDP for the Antrim-operated Fyne Field in licence P077 Block 21/28a (Antrim 100% interest) was submitted to DECC on January 14 2013, with approval expected by April 2013. Front end engineering design ("FEED") work for the subsea facilities and the modifications of the floating production, storage and offloading vessel ("FPSO") is underway. As previously announced on November 13 2012, a Heads of Terms agreement has been signed with Hummingbird Production Limited, a subsidiary of Teekay Corporation, for an option to lease the "Hummingbird Spirit" FPSO for use in the development of the Fyne Field. First oil is expected in Q4 2014, contingent on the timing of the redeployment of the Hummingbird Spirit from its current location. Proved plus Probable oil reserves in the Fyne Field are estimated at 11.7 million barrels (McDaniel and Associates Consultants Ltd., as of September 30, 2012).

Corporate

In addition to the foregoing operational update, Antrim announces that it has appointed London, U.K. - based Buchanan Ltd. to act as financial and investor relations advisor to the Company. The account will be led by Tim Thompson and supported by Tom Hufton.

Stephen Greer, Antrim President and CEO, commented:

"The pace of Antrim's activity in the UK North Sea continues to grow. The completion of the water injector is an important step towards enhancing production rates and recovering the optimum reserves from the Causeway Field. On the adjacent licence, the initial flow rates and pressure data from the Cormorant East Field suggest the possibility of further appraisal and development drilling, and may open up the possibility of further exploration and appraisal work in adjacent fault compartments and in the area of the 2007 Kerloch oil discovery. 

"Antrim's decision to opt out of further development work on the Fionn Field allows the Company to focus on the more attractive Cormorant East and Fyne developments. Antrim's commitment to growth in the UK North Sea was recently underscored by the option to lease the Hummingbird FPSO, breaking the log jam created by the lack of available production infrastructure in the Fyne area. 

"Antrim will continue to fast track this development, which is expected to receive government approval in Q2 2013 with first production scheduled for late 2014. As Fyne is 100% owned by Antrim, this will represent a significant step change in the profile of the Company and we look forward to further establishing ourselves as a quality North Sea Operator."

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

Some of the statements in this announcement may be forward-looking including statements relating to Antrim's production from and/or development of the Causeway, Cormorant East and Fyne Fields. When used in this announcement, the words "expect", "scheduled", "potential", "anticipate", "may" and similar expressions are intended to identify forward-looking statements. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. 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 interruptions of production from and/or changes in development plans for the Causeway, Cormorant East and Fyne 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 VP - Commercial of Antrim, is the qualified person that has reviewed the technical information contained in this news release. Mr. Lederhouse has over 37 years of experience in the upstream oil and gas industry.



Antrim Energy Inc.
Stephen Greer
President & CEO
(403) 264-5111
(403) 264-5113 (FAX)
greer@antrimenergy.com
or
Antrim Energy Inc.
Murray Chancellor
Managing Director (UK)
+44 (0) 1483-307 530
+44 (0) 1483-307 531 (FAX)
m.chancellor@antrimenergy.co.uk
or
RBC Europe Limited
Martin Eales
+44 (0) 20 7029 7881
or
Buchanan
Tim Thompson/Tom Hufton
+44 (0) 20 7466 5000
antrim@buchanan.uk.com
Data and Statistics for these countries : Ireland | Tanzania | United Kingdom | All
Gold and Silver Prices for these countries : Ireland | Tanzania | United Kingdom | All
Tweet

Antrim Energy Incorporated

PRODUCER
CODE : AEN.TO
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Email Alert Add to Watchlist Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy
Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Annual reports of Antrim Energy Incorporated
Annual Report 2007
Financings of Antrim Energy Incorporated
3/20/2011Announces Closing of Financing
Nominations of Antrim Energy Incorporated
2/13/2013- Chief Financial Officer Changes
6/28/2012Board of Director Resignation
Financials of Antrim Energy Incorporated
8/13/2012Announces 2012 Second Quarter Financial and Operational Resu...
5/15/2012Announces 2012 First Quarter Financial and Operational Resul...
11/11/2011Announces 2011 Third Quarter Financial and Operational Resul...
5/25/2011Announces 2011 First Quarter Financial and Operational Resul...
Project news of Antrim Energy Incorporated
3/27/2013Reports 2012 Results and Reserves
3/30/2011Reports 2010 Results and Reserves
Corporate news of Antrim Energy Incorporated
10/25/2013(Causeway)Causeway and Cormorant East Fields Resume Production
10/18/2013Statement - Share Price Movement
9/10/2013(Causeway)Causeway and Cormorant East Update and Appointment of RFC Am...
9/10/2013(Causeway)Causeway and Cormorant East Update and Appointment of RFC Am...
7/15/2013Irish Licensing Option Upgraded to Frontier Exploration Lice...
7/10/2013Announces Sale of Tanzania Option
7/2/2013Fyne Field Development Update
6/18/2013Announces Results of Annual and Special Meeting
5/14/2013Kosmos Farm-in to Antrim's Irish Licences Approved
4/18/2013Farmout of Skellig Block in the Porcupine Basin, Offshore Ir...
2/1/2013UK North Sea Operations Update
1/23/2013Announces US$30 Million Payment Swap and Brent Oil Price Com...
1/14/2013Announces First Oil from the Cormorant East Field in UK Nort...
12/6/2012Provides Drilling and Operations Update, UK North Sea
11/21/2012Announces Development Approval of the Cormorant East Field i...
11/12/2012(Causeway)Provides Operational Update of Causeway Field, UK North Sea
10/22/2012Announces Oil Discovery at Contender in UK Northern North Se...
8/28/2012(Causeway)Announces Execution of Oil Sales Contract for Causeway Field
8/21/2012Announces Approval of Fionn Field Development Plan
6/12/2012s Fyne Field and Other North Sea Activity
5/25/2012Results of Annual General and Special Meeting of Shareholder...
5/9/2012and Crown Point Ventures Ltd. Announce the Expiry of Rights ...
4/12/2012to Regain Working Interest, Reserves and Operatorship in Fyn...
3/26/2012and Crown Point Ventures Ltd. Announce Strategic Argentinean...
2/6/2012(Causeway)Provides Update of East Fyne Appraisal Well and Causeway Dev...
1/23/2012Announces Agreement to Develop Fionn Field, UK North Sea
1/16/2012Announces Spud of East Fyne Appraisal Well, UK North Sea
12/28/2011(Causeway)Announces Approval of Causeway Field Development Plan
12/22/2011Drills Successful Appraisal Sidetrack to the Erne Oil Discov...
11/30/2011Announces Oil Discovery at Erne, UK North Sea
10/18/2011Awarded Irish Offshore Option and Update on Fyne Drilling Sc...
8/25/2011Farms Out UK Kerloch ("Contender") Licence to TAQA Bratani
8/9/2011(Causeway)and Valiant Complete Causeway Sale
7/7/2011to Farmout Erne Drilling Prospect, UK North Sea
5/6/2011Rig Contracted to Drill East Fyne, UK North Sea
4/19/2011Commences Pre-Drilling Site Surveys in UK North Sea
2/24/2011Announces $45 Million Bought Deal Financing
5/14/2007Rig on Schedule for UK North Sea Causeway Multi-Well Drillin...
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (AEN.TO)Other OTC (ATGYF)
0.070-12.50%0.070+0.00%
TORONTO
CA$ 0.070
04/17 14:14 -0.010
-12.5%
Prev close Open
0.080 0.080
Low High
0.070 0.080
Year l/h YTD var.
0.070 -  0.100 -%
52 week l/h 52 week var.
0.060 -  0.190 -63.16%
Volume 1 month var.
148,425 -12.50%
24hGold TrendPower© : 20
Produces Oil
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
TOP NEWSRELEASES
Annual variation
DateVariationHighLow
20140.00%0.110.06
2013-86.79%0.630.06
2012-55.08%1.490.47
2011-0.84%1.490.72
2010-5.56%1.490.70
 
5 years chart
 
3 months chart
 
3 months volume chart