Cormorant North to receive Causeway crude

Offshore staff

CALGARY, Canada -- Antrim Energy expects to submit a field development plan this year for the Causeway field in the UK northern North Sea.

The company has also signed a “Heads of Terms” agreement for export of Causeway’s crude via the TAQA Bratani-operated Cormorant North production platform, 15 km (9.3 mi) to the west. Causeway is in blocks 211/22a South East Area and 211/23d. Assuming approval from the UK Department of Energy and Climate Change (DECC), production should start in mid-2012.

The field has proved plus probable oil reserves of 15.6 MMbbl. Antrim has a 65.5% interest, although Valiant Petroleum has the right to acquire 30% of that stake by complying with various conditions, including carrying Antrim for its development expenses up to $21.75 million.

Antrim is also preparing for a new wave of exploration drilling in the UK sector. It has contracted the survey vessel Kommander Jack to obtain site surveys ahead of this program.

Surveys will cover the West Teal, Carra, and Erne prospects in the Greater Fyne Area in blocks 21/24b, 21/28b, and 21/29d. On West Teal and Carra, Antrim aims to confirm surface drilling locations for two wells targeting the Jurassic Fulmar and Eocene Tay formations. West Teal is in the northeast part of the Greater Fyne Area, 3 km (1.8 mi) west of the producing Teal Field. Carra is adjacent to and southeast of the Fyne field.

The Erne survey in block 21/29d will serve to identify a surface location for a contingent well. Erne is an oil prospect in the Eocene Tay formation, between the Fyne and NW Guillemot fields at a drilling depth of 6,500 ft (1,981 m).

AGR Petroleum Services Is providing well project management and drilling services, and management of the site survey. All site surveys should be completed next month, with drilling scheduled to start mid-year. This campaign is in addition to Antrim’s planned appraisal well on the Fyne field later in 2011.

04/20/2011

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