UK Field Developments
North Sea
Antrim has discovered and delineated two oil fields in the Central and Northern North Sea; the 23 million barrel (gross) Fyne & Dandy Field (Antrim 58% - 100% interest) and the 4.4 million barrel (net) Causeway Field including Fionn and W. Causeway (Antrim 35.5% interest).
The Company is constructing a field development plan (FDP) for the Fyne Field (located in the Central North Sea). Fyne is expected to be producing by 2014. Concurrently, the Company continues to build its interest in the region and was awarded an additional three 25th Round and one 26th Round exploration licence(s) in the “Greater Fyne Area” and one licence to the north of this region. These new licences are also located close to the Dana operated Guillemot complex which has produced 84 million barrels.
Antrim participated in the drilling of an appraisal well on the Eastern part of the Fyne Field (East Fyne Well) in Q1 2012 with Premier. In addition, Antrim drilled two exploration wells in the Greater Fyne Area in Q4 2011. The wells were drilled on the Erne prospect (Premier has farmed in 50% for this well).
Antrim’s interest in the northern North Sea centres around the Causeway Field, Antrim’s first UK discovery. The Company completed a farmout agreement with Valiant Petroleum whereby Antrim transferred 30% (retained 35.5%) ownership in the licence to Causeway in return for a partial ‘carry’ through the costs to develop the property. As a result of this farm-out agreement and the recently (Dec. 23, 2011) approved Field Development Plan, The Company expects to realize first oil from the Causeway Field by Q3 2012. The Field is broken down into three seperate fault blocks; Western Causeway, Fionn (Central Causeway) and East Causeway.
Antrim also holds a non-operated interest in the Kerloch oil discovery, offsetting the Causeway Field In the Central North Sea. Antrim recently announced a farmout agreement with TAQA Bratani. TAQA is expected to drill a well on the southern part of the licence in H1 2012 (now renamed Contender) and if successful, TAQA will earn 60% interest in the southern area of the block (the "Contender sub-area") and 35% interest in the northern part (the "Kerloch sub-area"). Antrim's remaining interests will be 8.4% in the Contender sub-area and 13.65% in the Kerloch sub-area.