Antrim Announces FPSO Agreement for Fyne Field, UK North Sea

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Nov. 13, 2012

Antrim today announced a Heads of Terms agreement has been signed with Hummingbird Production Limited, a subsidiary of Teekay Corporation, for an option to lease the "Hummingbird Spirit" Floating Production, Storage and Offloading vessel ("FPSO") for the development of the Fyne Field in UKCS Central North Sea Block 21/28a (Antrim working interest 100%).

Based on the Heads of Terms, fully termed agreements will be developed, which will be subject to consent to a Field Development Plan ("FDP") by the UK Department of Energy and Climate Change ("DECC"). Antrim expects to submit the Fyne FDP to DECC for approval in January, 2013. First oil is anticipated in the fourth quarter of 2014, contingent on the timing of the redeployment of the Hummingbird Spirit from its current location.

A reserves estimate for the Fyne Field was recently updated by McDaniel and Associates Consultants Ltd. ("McDaniel"), incorporating the results of well 21/28a-11 drilled earlier this year in the East Fyne area (as previously announced on February 6, 2012). Proved plus Probable reserves in the Fyne Field are estimated by McDaniel as of September 30, 2012 to be 11.7 million barrels of oil. Antrim's working interest in Fyne is 100%, contingent on execution of final completion documents for the withdrawal of former partners Premier Oil UK Limited and First Oil Expro Ltd.

Stephen Greer, Antrim President and CEO, commented, "This agreement for the Hummingbird Spirit FPSO is a major achievement. Development of the Fyne area in the UK Central North Sea has been hindered for some time due to the lack of commercial infrastructure and export route. The Hummingbird Spirit resolves that issue, not only for the Fyne Field, but potentially for other Antrim assets in the area and nearby stranded assets of other operators. Antrim looks forward to successfully leading the development of the area."

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