CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - Jan. 14, 2013) - Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim" or the "Company")
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Antrim today announces that first oil production has been achieved from the Cormorant East Field in UK Northern North Sea Block 211/22a Contender Area (the "Contender Block", Antrim interest 8.4%). The initial production rate is approximately 5,500 barrels of oil per day (net Antrim approximately 460 barrels of oil per day), with no water. First oil was achieved after only 85 days following discovery of the field.
The Cormorant East Field was discovered by Antrim and partners by exploration well 211/21-N94 (the "Contender Well"), as previously announced October 22, 2012. Production is being processed at the North Cormorant platform operated by TAQA Bratani Limited ("TAQA") before being exported to the Sullom Voe terminal for sale. Cormorant East is initially being produced under primary depletion with a single production well, with the potential to install a water injection scheme and/or additional production wells at a later date.
The operator's analysis of the field data indicates significant potential for upside, dependent on the reservoir response to the existing well. Further appraisal locations have been identified within the Cormorant East development area, both down-dip from the existing discovery well and in adjacent fault panels.
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 for the Contender Well were funded by TAQA. Antrim's share of the completion and tie-in costs will be recovered by TAQA from revenue from Antrim's share of initial production.
Additional information concerning Antrim Energy Inc. is available at www.antrimenergy.com. Investor inquiries may be directed to firstname.lastname@example.org 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 "approximate", "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 interruptions of production delays from the Contender Well. 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.