Northern North Sea (Causeway)

Causeway represents Antrims first success in the UK North Sea.  Antrim has drilled 6 wells on the property to date with 100% success.  As a result, Antrim has established reserves of 10 million barrels (P2) net to Antrim.

Antrim signed a Conditional Letter Agreement ("CLA") with Valiant Petroleum plc (March 4, 2010) to sell a 30% interest in the Northern North Sea Causeway property. In return, Antrim will receive US$21.75 million contributed to the development costs of bringing the field to production startup.

Completion of the transaction is subject to several conditions, including sanction of the Field Development Plan ("FDP") and the consent of the UK Department of Energy and Climate Change ("DECC").

As part of the transaction, Antrim will transfer related tax losses to Valiant, and subject to formal DECC and partner consent, operatorship of the field. The CLA provides that Valiant will endeavour to finalize a revised FDP with respect to the development of the Causeway Field for submission to DECC during 2010. Following completion of the transaction, Antrim will remain a 35.5% working interest holder in the Causeway Field.

Antrim drilled all original appraisal and development wells in the region without debt, which in itself is a highly unusual scenario (and a strong position) for a company the size of Antrim in the North Sea.

 

Field Snapshot

  • This field contains the Causeway pool and and is adjacent to the Kerloch field.
  • Water depth is approximately 350 feet.
  • The existing discoveries on the Block recovered sweet medium gravity oil (approximately 35 API).
  • The main oil zones are the Brent Reservoirs which lie at an approximate depth of between 10,000 and 11,000 feet.

 

Activity

  • July 9, 2007 Antrim announced successful test results from Central Causeway with combined test rates from two zones of 6,300 bopd.
  • August 13, 2007 Antrim announced casing of the second well on the Central Causeway in the UK North Sea.
  • August 30, 2007 Antrim announces addition of fourth well to Causeway drilling program.
  • September 24, 2007 Antrim announces successful test results on third well of rates up to 1,180 bopd at 31 degree API with no water.
  • October 24, 2007 Antrim announced successful completion and pending casing of the fourth and final well which will be used to provide pressure support to the future oil producers in the Central Causeway area.
  • December 21, 2007 Antrim announced that Senergy Ltd. compiled a Field Development Plan and presented to the UK regulatory authorities in December 2008.

  • Antrim signs a Conditional Letter Agreement ("CLA") with Valiant Petroleum plc to sell a 30% interest in the Northern North Sea Causeway property. In return, Antrim receives US$21.75 million contributed to the development costs of bringing the field to production startup.

    Following completion of the transaction, Antrim will remain a 35.5% working interest holder in the Causeway Field.

Participants

Participants (Causeway Prospect):
SW Portion 211/22a & 211/23d (Yellow on Map Below)

Antrim 35.5%
GeysirPetroleum UK Limited 10%
Valiant Causeway Limited* 54.5%
*Operator