Antrim Energy Inc.

Antrim Energy Inc.

June 22, 2015 02:00 ET

Antrim Energy Inc. Announces Well Abandonment Campaign


Antrim Energy Inc. ("Antrim" or "the Company") (TSX VENTURE:AEN)(AIM:AEY), an international oil and gas exploration company, today announces that its United Kingdom subsidiary, Antrim Energy (Ventures) Limited, has entered into a contract with Offshore Installation Services Ltd. (the "Contract") to permanently plug and abandon Antrim's four suspended subsea wells in the United Kingdom Central North Sea.

United Kingdom Seaward Licences require licensees to permanently abandon all suspended wells prior to licence expiry. The Contract includes the permanent abandonment of the three suspended wells on the Fyne Licence (P077, Block 21/28a) and the one suspended well on the Erne Licence (P1875, Block 21/29d). The contract is expected to be executed as part of a ten well abandonment campaign including six Central North Sea wells from another operator. This multi-client campaign allows the operators to share certain common costs offering significant cost savings.

The estimated total gross cost for abandonment of Antrim's four wells is £4.75 million, with the estimated net cost to Antrim totaling £1.80 million. The planned mobilization date for the campaign is currently July 8th, 2015 and the ten well campaign is scheduled to take approximately 45 days to complete.

Commenting on the abandonment campaign, Antrim's CEO Anthony Potter said "Should the campaign be successful the Company will have met its remaining obligations under the licences in a timely and responsible manner and removed uncertainty as to its financial position going forward with respect to any future corporate opportunities. In this regard the Company continues to assess opportunities based on, amongst other criteria, strategic fit, focus on near term appraisal / development, use of funds and transformative potential."

About Antrim

Antrim Energy Inc. is a Canadian, Calgary based junior oil and gas exploration company with assets in the UK North Sea and Ireland. Antrim is listed on the TSX Venture Exchange (AEN) and on the London AIM market (AEY). Visit for more information.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

Forward-Looking and Cautionary Statements

This press release and any documents incorporated by reference herein contain certain forward-looking statements and forward-looking information which are based on Antrim's internal reasonable expectations, estimates, projections, assumptions and beliefs as at the date of such statements or information. Forward-looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting", "forecast", "achieve" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements and information. Antrim believes that the expectations reflected in those forward-looking statements and information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements and information included in this press release and any documents incorporated by reference herein should not be unduly relied upon. Such forward-looking statements and information speak only as of the date of this press release or the particular document incorporated by reference herein and Antrim does not undertake any obligation to publicly update or revise any forward-looking statements or information, except as required by applicable laws.

In particular, this press release contains forward-looking statements and information pertaining to Antrim's planned abandonment campaign, including expected costs and timing thereof.

With respect to forward-looking statements contained in this press release and any documents incorporated by reference herein, Antrim has assumed that the Contract will be carried out as part of a multi-client abandonment campaign, which is expected to create cost savings to Antrim. In respect to these assumptions, the reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect.

Antrim's actual results could differ materially from those anticipated in these forward-looking statements and information as a result of assumptions proving inaccurate and of both known and unknown risks, including the risk that the Contract is completed as a single-client abandonment campaign rather than a multi-client campaign, and the risk that the campaign is delayed or completed at a higher cost than anticipated for any reason (including adverse weather conditions).

Many of these risk factors, other specific risks, uncertainties and material assumptions are discussed in further detail in Antrim's Annual Information Form for the year ended December 31, 2014. Readers are specifically referred to the risk factors described in this MD&A under "Risk Factors" and in other documents Antrim files from time to time with securities regulatory authorities. Copies of these documents are available without charge from Antrim or electronically on the internet on Antrim's SEDAR profile at Readers are cautioned that this list of risk factors should not be construed as exhaustive.

In accordance with AIM guidelines, Mr. Murray Chancellor, C. Eng., MICE and Managing Director, United Kingdom for Antrim, is the qualified person that has reviewed the technical information contained in this MD&A. Mr. Chancellor has over 25 years operating experience in the upstream oil and gas industry.

Contact Information

  • Anthony Potter
    President, Chief Executive Officer and
    Chief Financial Officer
    Antrim Energy Inc.
    + 1 403 264-5111

    RFC Ambrian Limited
    Samantha Harrison
    +44 (0) 20 3440 6800