Scandoil  

Antrim Energy reports early completion of sale of Antrim Causeway


Published Aug 11, 2011
[an error occurred while processing this directive]

Edit page New page Hide edit links

Antrim updates reserve estimates for the Causeway property

Antrim Energy Inc. reported that Antrim and Valiant Petroleum plc have agreed to the early completion of the Sale and Purchase Agreement of Antrim Causeway (N.I.) Limited (as previously announced March 04, 2010), subject to the approval of the UK Department of Energy and Climate Change ("DECC"). Antrim Causeway (N.I.) Limited holds 30% interest in UK Northern North Sea Blocks 211/22a South East Area and 211/23d, which contain the Causeway Field.

With the sale of Antrim Causeway (N.I.) Limited, Antrim will receive US$21.75 million contributed to Antrim's development expenses towards its remaining 35.5% interest in the Causeway Field. This transaction was originally conditional on final approval of the Field Development Plan by DECC. Early completion of the sale, however, allows the Causeway joint venture to expedite field operations in preparation for an estimated production start up in the second half of 2012.

Stephen Greer, Antrim's CEO, commented: "The accelerated execution of the Sale and Purchase Agreement is a significant step towards Antrim's first North Sea oil production, anticipated in mid 2012."

Tags: Antrim Energy Inc.




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us

 

sitemap xml