Antrim Updates Fyne Field Development

abarrelfullabarrelfull wrote on 20 Dec 2014 16:45

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Feb. 25, 2014

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."

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