CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - Nov. 12, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim" or the "Company")
Antrim is pleased to announce that production of oil has commenced from the Causeway Field in UKCS Block 211/23d (Antrim working interest 35.5%).
Commissioning of the Causeway field has now commenced with gross production rates of around 4,500 barrels of oil per day on a 53% choke. Initial production rates are currently being impacted by longer-than-anticipated clean-up and commissioning due to the long horizontal nature of the well. The installed electric submersible pumps are anticipated to contribute to production rates in the first half of 2013.
The next phase of work on Causeway and the Fionn oil field is anticipated to commence early in 2013 and to be completed by the middle of the year.
Stephen Greer, Antrim President and CEO, commented, "First oil at Causeway is a major milestone for Antrim, representing our first production from the UK North Sea. It is the culmination of significant effort and investment made by the Company in the area. Causeway is expected to contribute substantial cash flow to Antrim, as we continue to develop our existing assets and explore other opportunities in the UK and elsewhere."
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 the development of and production from the Causeway oil field. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "expect", "anticipate", "intend" 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 delays with respect to the development of and production from the Causeway oil field. 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. Kerry Fulton, P. Eng and Vice President of Operations of Antrim, is the qualified person that has reviewed the technical information contained in this news release. Mr. Fulton has over 30 years operating experience in the upstream oil and gas industry.