UK

Antrim chose to the enter the North Sea after recognizing that the major producers that had a historic presence in the region, were exiting because the region no longer made sense from an economic point of view for these larger producers. These fields however, offer significant opportunities for smaller producers.  This has proven to be the case for Antrim, and as a result the company has made a number of discoveries in the region including Causeway and the prolific Fyne field (75% owned by Antrim). 

Antrim is currently in the process of undertaking the work required to bring these two fields on stream.  Fyne is expected to be producing by 2011. It is expected that Fyne will produce (net to Antrim) approximately 14,500 barrels per day, adding significantly to the companies cash flow position.

“Greater Fyne” offers tremendous expansion opportunities as well, and to this effect, the company has pursued and been awarded a number of adjacent and surrounding blocks.  These blocks surround the “Guillemot fields” operated by Petro Canada, which contain upwards of 60 million barrels per field . These fields have proven to be prolific producers with average decline levels of only 15%.  Antrim owns 100% of the blocks in the “Greater Fyne” area.

Causeway represents the first discovery for Antrim in the North Sea.  Antrim is also operator of this field (65.5%) and own 10.2 million barrels (P2) of oil net to the company.  Antrim is in the process of developing a field development plan in order to commercialize the field.

Other blocks that Antrim holds interest, in the region, also hold very good promise and Antrim may pursue these opportunities in the future.  These blocks include Kerloch, Benachie and Dunluce.

 

Antrim holds interests in the following areas:

  • Northern North Sea - Causeway (Block 211/22a SE & 211/23d)
  • Northern North Sea - Kerloch (Block 211/22a NW)
  • Northern North Sea - Block 2/10a & 2/15b
  • Central North Sea - Bennachie (Block 21/15a NW)
  • Central North Sea - Fyne (Block 21/28b, 21/29c, 21/24c, 21/24b)
  • Northern Ireland - South Larne License (PL1/01)

The United Kingdom has one of the most attractive fiscal (tax/royalty) systems of any major petroleum producing area in the world.