Causeway Area

Antrim’s first UK oil discovery

 

4.4 Million barrels 2P net (Antrim 35.5%)*

(Includes Causeway Field, Fionn Field and West Causeway)

First year average production rates of 10,000 bopd expected. 

Field is fully appraised with 6 successful wells

* Ref: McDaniel & Associates Consultants, December 31, 2011

 

Field Development Plan approved Dec 2011

First production is anticipated in Q3 2012

Average Depth of the Brent reservoirs (target) is 10,000 to 11,000 feet.

Average gravity of the oil is 35 API.

 

Activity History

  • In June 2006, drilling operations began on the Antrim operated East Causeway well 211/23d-17Z in the UK North Sea.
  • Antrim tested the Tarbert and Ness reservoirs in the easternmost fault compartments at combined rates of 14,500 bopd.  Test results did not include the combined intervals tested at peak rates up to 8,100 barrels of oil per day in the previously drilled and now suspended well 211/23b-11.  These previously tested intervals were also intersected and logged in the horizontal section of well 211/23d-17Z.
  • Antrim subsequently drilled a series of wells in the Central (Fionn) and Western fault compartments which tested at peak rates between 1,180 bopd and 6,300 bopd.
  • In March 2010, Antrim signed a Conditional Letter Agreement ("CLA") with Valiant Petroleum plc 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. Additional details here.  This arrangement was completed in August 2011.
  • An export agreement was signed with Taqa Bratani in April 2011 for the Cormorant North Platform.
  • A field development plan for Causeway was approved by DECC December 23, 2011.
  • In January 2012 Antrim signed an agreement with Valiant Petroleum plc to proceed with early installation of subsea facilities for the development of the Fionn Field (formerly Central Causeway) in the UK Northern North Sea block 211/22a South East Area (the "Fionn Agreement"). Antrim holds a 35.5% working interest the block.

Participants

  • Antrim Resources (N.I.) Limited 35.5%
  • Valiant Causeway Limited* 14%
  • Valiant Gamma Limited 10.5%
  • Valiant Alpha Ltd. 30%
  • Valiant Epsilon Ltd. 10%

*Operator