CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - Jan. 23, 2012) -
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Antrim Energy Inc. (News - Market indicators) (AIM:AEY) ("Antrim" or the "Company"), Antrim, an international oil and gas exploration and production company headquartered in Calgary, Canada, today announced that it has signed an agreement with Valiant Petroleum plc to proceed with early installation of subsea facilities for the development of the Fionn Field in the UK Northern North Sea block 211/22a South East Area (the "Fionn Agreement"). Antrim holds a 35.5% working interest the block.
The Fionn Field was previously referred to as the Central Causeway fault block. In December 2011, the UK Department of Energy and Climate Change ("DECC") assigned separate field designations to the Fionn Field and the Causeway Field, the latter containing the two fault blocks previously referred to as the East Causeway and Far East Causeway fault blocks. A Field Development Plan ("FDP") for the Causeway Field was approved by DECC, as announced on December 28 2011, with first oil expected in mid-2012.
Under the terms of the Fionn Agreement, various subsea facilities will be installed during the first half of 2012 coincident with the installation of facilities for the Causeway Field as a pre-investment for the future tie-in of the Fionn Field in order to minimize development costs. Valiant has agreed to finance Antrim's working interest share of the Fionn Field pre-investment costs. Antrim has the option for three months following first oil production from the Causeway Field to opt out of participating in the Fionn Field development, or to confirm its participation in the Fionn Field development by paying its 35.1% working interest share of the pre-investment costs plus interest in respect to the financing.
Coincident with the Fionn Agreement, a Development Plan and Budget ("DP&B") for the Fionn Field has been agreed to by the joint venture partners. Operator Valiant Causeway Limited will draft an FDP for the Fionn Field, which is expected to be submitted to DECC for approval in the first quarter of 2012. It is planned that Fionn production will be combined with the Causeway Field production, transported for processing to the Cormorant North platform operated by TAQA Bratani Limited, and exported to the Sullom Voe terminal for sale. First oil from the Fionn Field is anticipated in mid-2013. Development of the Fionn Field is subject to approval from DECC. Antrim's working interest share of development costs for the Fionn Field, including the pre-investment costs, is estimated to be approximately US$22 million.
Additional information concerning Antrim Energy is available at www.antrimenergy.com. Investor inquiries may be directed to info@antrimenergy.com or 1-403-264-5111.
Forward-Looking Statements
Some of the statements in this announcement may be forward-looking including statements relating to the expected schedule of development and related costs. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "anticipate", "expect", "plan", "approximate" and similar expressions, whether used in connection with the development of oil fields 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 including assumptions regarding estimated timing for FDP approval and future terms relating to the Fionn Field development 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 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. 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 36 years operating experience in the upstream oil and gas industry.
