Antrim Energy Inc.
TSX : AEN
AIM : AEY

Antrim Energy Inc.

December 29, 2008 02:00 ET

Antrim Energy Submits Field Development Plan for Causeway, UK North Sea

CALGARY, ALBERTA--(Marketwire - Dec. 29, 2008) -

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

Antrim Energy Inc. ("Antrim" or "the Company") (TSX:AEN)(AIM:AEY) today announced that a Field Development Plan (FDP) for Phase I of its Northern North Sea property "Causeway" (Antrim operated, 65.5%) has been submitted to the UK regulatory authority, the Department of Energy and Climate Change (DECC).

The FDP, which plans production through a subsea tieback to the Dunlin platform is for the eastern area of the Causeway Field only and is the first phase of what is anticipated to be several phases of development of the field. Phase I is anticipated to initially produce 15,000 bopd, accessing approximately 7.3 million barrels oil (net 4.8 million) from the East Causeway area. Subsequent phases will access additional reserves in the Central and Western areas of the Causeway Field.

Phase I will involve the subsea completion and tie back of one producer and one pressure maintenance well. The production well, 211/23d-17z, previously tested up to 14,500 bopd of light oil (32 degrees API) from two test intervals totaling 230 ft within a 1,177 ft net pay interval (measured depth). This well also penetrated an additional section in an adjacent fault block which tested up to 8,100 bopd from a previously drilled well. Well 211/23d-18 will serve as the pressure maintenance well, with a second production well anticipated one year after first production. The production and injection wells will be tied back 9km subsea to the Dunlin processing facilities to allow crude oil delivery to the Sullom Voe Terminal through the Brent Pipeline System. The design includes provision for expansion for the further development phases.

Approval of the Causeway FDP is anticipated during 2009 at which time, given favourable economic conditions including commodity prices and project funding costs, Antrim expects to start the procurement process and confirm the production start-up date.

Antrim maintains controlling interests in all of its major properties in the UK, allowing the Company control over the pace of development and the rate of expenditure on the properties. As previously reported, Antrim has a strong cash position and no outstanding debt.

In the Central North Sea, Antrim expects to file an FDP for the Fyne Field (Antrim operator, 75%) by mid-2009.

Stephen Greer, President and CEO of Antrim, commented, "By phasing these developments, the Company can minimize the initial capital commitment and can expect to fund subsequent production phases from revenue generated by previous phases. This is a cautious, conservative approach, well suited to today's uncertain economic climate."

About Antrim:

Antrim Energy Inc. is a Canadian, Calgary based high-growth junior oil and gas exploration and production company with assets in the UK North Sea and Argentina. Antrim is listed on the Toronto Stock Exchange (TSX:AEN) and on the London Stock Exchange's Alternative Investment Market (AIM:AEY). Visit www.antrimenergy.com for more information.

Forward-Looking Statements

This news release contains certain forward-looking statements, which include assumptions with respect to future plans, results and capital expenditures. Cumulative volumes are not necessarily representative of future production volumes. 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, 2007 and dated March 31, 2008 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.

Qualified Person Review

In accordance with AIM guidelines, Mr. Kerry Fulton, Vice President, Operations of Antrim, is the qualified person who has reviewed the technical information contained in this news release.

Contact Information

  • Antrim Energy Inc.
    Stephen Greer
    President & CEO
    (403) 264-5111
    (403) 264-5113 (FAX)
    Email: greer@antrimenergy.com
    or
    Antrim Energy Inc.
    Kerry Fulton
    Vice President, Operations
    (403) 264-5111
    (403) 264-5113 (FAX)
    Email: fulton@antrimenergy.com
    or
    Antrim Energy Inc.
    Terry Lederhouse
    Commercial Manager
    (403) 264-5111
    (403) 264-5113 (FAX)
    Email: lederhouse@antrimenergy.com
    Website: www.antrimenergy.com
    or
    Nominated Adviser on AIM:
    Royal Bank of Canada Europe Limited
    Sarah Wharry
    + 44 20 7653 4667