Great news for AEY shareholders as oil sales contract is agreed with BP. As mentioned last week – Antrim are looking in fine shape as they head towards first oil from Causeway.
With Fionn lined up as an easy bolt on – this is looking very economical for all involved.
August 28, 2012
Antrim Announces Execution of Oil Sales Contract for Causeway Field
Antrim, an international oil and gas exploration and production company headquartered in Calgary, Canada, today announced that, through its wholly owned subsidiary Antrim Resources (N.I.) Limited, it has executed an oil sales contract with BP Oil International Limited for the sale of Antrim’s share of oil produced from the Causeway Field in UKCS Block 211/23d (Antrim working interest 35.5%).
Oil produced from the Causeway Field will be transported to and processed at the North Cormorant platform operated by TAQA Bratani Limited before being exported to the Sullom Voe terminal for sale. Field operations are in progress for the completion and tie-in of production well 211/23d-17Z, which was drilled in 2006 by Antrim and partners and tested at rates up to a peak of 14,500 barrels of oil per day from the combined Ness and Tarbert Formations. Initial production from Causeway is anticipated in late September, 2012.
Under the terms of the oil sales agreement, Antrim can also include its share of oil production from the adjacent Fionn Field in the sales arrangement, once production commences there. As announced on August 21, 2012, the Field Development Plan for Fionn has been approved by the UK Department of Energy and Climate Change (“DECC”), with initial production expected in mid-2013.