Antrim Energy Inc.
TSX : AEN
AIM : AEY

Antrim Energy Inc.

February 25, 2014 04:36 ET

Antrim Updates Fyne Field Development

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwired - Feb. 25, 2014) -

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 Energy Inc., a Canada-based international exploration and production company, is pleased to announce that the UK Department of Energy and Climate Change ("DECC") has agreed to amend the terms of UK Central North Sea Licence P077 Block 21/28a (Antrim 100%) to allow for a Field Development Plan ("FDP") for the Fyne Field to be submitted no later than 31 August 2014.

DECC's consent to this amendment includes conditions, amongst other things, that the FDP submission is in its final form, the Environmental Statement is cleared, Antrim is approved as a Production Operator, there is satisfactory evidence of project financing, and reasonable assurance that first production will be achieved prior to 25th November 2016.

Antrim previously announced in July 2013 the cooperation on the Fyne Development and signing of a Joint Development Agreement with Enegi Oil Plc ("Enegi") and Advanced Buoy Technology ("ABTechnology") to undertake engineering studies and preparation of an FDP for the Fyne Field. The terms of the agreement include that there will be no costs to the Company prior to FDP approval. During the second half of 2013 Enegi-ABTechnology worked with contractors to engineer the production facility for Fyne. The environmental statement is now due to be submitted during March. Engineering work will continue during the summer with FDP approval prior to 31st August 2014. Upon approval of the FDP by DECC, Enegi-ABTechnology will earn the right to acquire 50% working interest in the licence. Antrim will remain operator.

Antrim's CEO Stephen Greer commented, "We are very pleased to have the continued support for DECC with the challenges of developing relatively marginal, stranded oil fields, and the support for new technology to achieve this in the North Sea."

Additional information concerning Antrim Energy Inc. is available at www.antrimenergy.com. Investor inquiries may be directed to info@antrimenergy.com or 1-403-264-5111.

Forward-Looking and Cautionary Statements

This press release and any documents incorporated by reference herein contain certain forward-looking statements, including statements regarding Antrim's future business plans, which are based on Antrim's internal reasonable expectations, estimates, projections, assumptions and beliefs as at the date of such statements. 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", "scheduled" 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 events or 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 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 38 years of experience in the upstream oil and gas industry.

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