Antrim Energy Inc.

Antrim Energy Inc.

August 31, 2011 02:00 ET

Antrim Energy Inc.: Development Plan Submitted for Causeway Field, UK North Sea

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - Aug. 31, 2011) -


Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim" or the "Company"), a partner in the Causeway Field located in UKCS Block 211/22a South West Area and Block 211/23d (Antrim 35.5%) is pleased to announce submission of the final Field Development Plan ("FDP") to the Department of Energy and Climate Change ("DECC") and that Board approval has been gained from partners to progress into the development phase. DECC approval of the Causeway FDP is anticipated during 2011.

The Causeway FDP includes a production well and a water injection well in the East and Far East fault panels and will utilise existing wells on the field drilled during the appraisal phase. The production well will be completed with dual electrical submersible pumps and first oil is anticipated in mid 2012. Hydrocarbons will be transported to and processed at the Cormorant North platform operated by TAQA Bratani Limited before being exported to the Sullom Voe terminal for sale. Antrim's reserves evaluator, McDaniel and Associates Consultants Ltd., estimate 8.9 million barrels of proved plus probable oil reserves (Antrim net 3.2 million barrels) from the East and Far East fault compartments (as of December 31, 2010). Development costs net to Antrim are estimated at $32 million, inclusive of $21.8 million associated with the previously announced sale of Antrim Causeway (N.I.) Limited (Aug. 9, 2011). Commitments are now in place for all long lead equipment and the operator has awarded a letter of intent for the main subsea installation contract to Technip UK Limited.

The Causeway development plan includes an option to develop the Central panel, which is still under review by the partners and not included in the above referenced reserves or costs.

Stephen Greer, CEO of Antrim, commented: "The submission of the FDP for Causeway marks a significant milestone for Antrim, demonstrating a clear and defined path to first oil production from the Company's UK North Sea properties."

About Antrim Energy Inc.

Antrim Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada.

Antrim is pursuing a strategy of balancing longer term and capital-intensive investments in the UK North Sea with shorter investment cycle on-shore exploration and production opportunities. Antrim also considers other global exploration opportunities as they arise.

Additional information concerning Antrim Energy is available at Investor inquiries may be directed to or 1-403-264-5111.

Forward-Looking Statements

Some of the statements in this announcement may be forward-looking including statements regarding the timing of the acceptance of the FDP in the Causeway 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", and "estimate" and similar expressions, whether used in connection with production level, drilling activity, reserves of neighboring properties or otherwise, 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. 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 Annual Information Form for the year ended December 31, 2010 and dated March 28, 2011 and available for viewing at, 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.

Note: The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

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 30 years operating experience in the upstream oil and gas industry.

Contact Information

  • Antrim Energy Inc.
    Stephen Greer
    President & CEO
    (403) 264-5111
    (403) 264-5113 (FAX)

    Antrim Energy Inc.
    Scott Berry
    Manager, Investor Relations
    (403) 264-5111
    (403) 264-5113 (FAX)

    Antrim Energy Inc.
    Terry Lederhouse
    Vice President Commercial
    (403) 264-5111
    (403) 264-5113 (FAX)

    Nominated Adviser on AIM:
    RBC Capital Markets
    Martin Eales
    +44 (0) 20 7029 7881