Antrim Energy

Antrim Energy Submits Development Plan for Causeway Field


Antrim Energy (TSX: AEN / AIM: AEY) announced that it had submitted its Field Development Plan for the Causeway Field (Antrim 65.5%) in the North Sea.

The plan envisages a subsea tieback to the Dunlin Platform as the first phase of development of the field, which will allow crude oil deliveries to the Sullom Voe Terminal.  The Phase I development is anticipated to produce approximately 15,000 barrels of oil per day from 7.3 million barrels of oil in the East Causeway area. The field development will include one producing well and one pressure maintenance well. 

Antrim added that it expects to file a Field Development Plan for the Fyne Field (Antrim 75%) by mid-2009, and that it has no debt and a strong cash position.

Stephen Greer, President and CEO of Antrim, commented, "By phasing these developments, the Company can minimize the initial capital commitment and can expect to fund subsequent production phases from revenue generated by previous phases. This is a cautious, conservative approach, well suited to today's uncertain economic climate."

Quick facts: Antrim Energy

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Market: AIM
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