Antrim and Valiant 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."
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