Wednesday, August 31, 2011
Antrim Energy Inc.
Antrim, a partner in the Causeway Field located in UKCS Block 211/22a South West Area and Block 211/23d (Antrim 35.5%), announced 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 utilize 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."
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