Antrim Energy Considering Selling Stake in Causeway Field

Canada's Antrim Energy said Friday that it is reviewing its options, including a possible divestment of its share of the Causeway oilfield in the North Sea, amid ongoing discussions with its lender to mitigate the impact of restrictions on its cash balances and existing loan terms.

Antrim said that there are "a number of material uncertainties that raise significant doubts as the company's ability to continue as a going concern". These include its compliance with debt covenants, the performance of producing wells and related infrastructure, the oil price and its ability to finish the planned development program for Causeway within budget.

Antrim is in discussions with its lender to relax certain requirements relating to its ability to access restricted funds, to quantify any additional funding requirements and to reassess terms currently based on the original production profile for the Causeway asset. It warned that there is no certainty that any changes will be made to the existing debt facility.

In 3Q 2013 Causeway's production rate averaged a gross 1,439 barrels per day (421 bpd attributable to Antrim), compared with a year-to-date average of 2,334 bpd.

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Genel can 'Plan with Confidence' in 20... (Jan 24)
 -  Savannah: Niger R3 License Area 3D Sei... (Jan 24)
 -  BridgeTex to Boost Capacity of Permian... (Jan 24)
 -  Republicans Laud Trump's Pipeline Revi... (Jan 24)
 -  Petronas: LNG Train 9 in Sarawak Moves... (Jan 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Project Director, US Government Construction
Expertise: Construction Manager|Project Management
Location: Philadelphia, PA
 
Accounting Analyst II Job
Expertise: Accounting|Financial Analyst
Location: Denver, CO
 
Pilot - Aviation
Expertise: Business Development|Helicopter Pilot / Operations
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $55.44/BBL 0.38%
Light Crude Oil : $53.18/BBL 0.81%
Natural Gas : $3.28/MMBtu 1.23%
Updated in last 24 hours