Antrim Energy Inc. noted in its updated reserve estimate report for its Causeway property in the UK North Sea (Antrim 65.5%) that the area's estimate is in line and slightly higher than the previous estimate.
The August 31, 2008 independent report by McDaniel & Associates Consultants Ltd. was prepared in accordance with standards set out in Canadian National Instrument NI 51-101 and the Canadian Oil and Gas Evaluation Handbook (COGEH) and incorporated drilling results from the latest Causeway development well 211/23d-18 which was completed in July, 2008.
The reserve report estimates Causeway gross 2P (proved plus probable) reserves of 21.6 million barrels recoverable (Antrim net 14.2 million barrels). This represents an increase of 1.1 (0.7 net) million barrels over the previous estimate (December 31, 2007) of 20.5 million barrels.
McDaniel also provided gross 3P (proved plus probable plus possible) estimated reserves at Causeway of 56.3 million barrels recoverable (Antrim net 36.9 million barrels), a slight increase over the previous estimate of 55.6 million barrels recoverable.
"We are very pleased the independent reserve estimates at Causeway confirm earlier estimates," commented Stephen Greer, President and CEO. "Incorporating the new drilling results and updating the reserve estimates was considered vital to the construction of a prudent development program."
The submission of a Field Development Plan (FDP) for the Causeway property, which was postponed to accommodate the new drilling results and updated reserve report, is expected to be submitted in the fourth quarter 2008. Project approval is expected in mid-2009 and first oil from Phase 1 of the development (East Causeway) in the second quarter 2010.
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