Antrim's Expectations Confirmed at Causeway in UK N. Sea
Antrim Energy Inc. reports that the evaluation by RPS Energy, a UK-based independent engineering company, using data obtained to the end of 2007, determined the Causeway structure in the UK North Sea holds a best estimate (P50) of total in-place resources of 83 million barrels and a high estimate (P10) of 184 million barrels. The recoverable resources best estimate (P50) is 24 million barrels and high estimate (P10) is 67 million barrels.RPS Energy was commissioned on behalf of the Causeway joint venture to examine and report on resources for use in field development planning for Causeway. Antrim serves as operator of the JV with 65.5% interest. "We are pleased to have an independent view of the resources in the Causeway area that substantiates Antrim's expectation, especially in regard to the upside potential of the area. The report allows us to continue with Causeway development and project financing plans," said Stephen Greer, president and CEO of Antrim. "The resource estimates, which are broadly in line with most analysts' expectations and our own forecasts, support Antrim's business strategy of quickly moving Causeway to production." A Field Development Plan (FDP) for Causeway was initiated by Antrim with the announced appointment of Senergy Ltd. in December 2007. Antrim is currently in discussion with production facility owners and expects to have an agreed export route and FDP for the production of oil from Causeway submitted during the first quarter of 2008. Additional appraisal drilling on the Causeway structure, scheduled to start in the summer of 2008, is designed to confirm the higher estimates of recoverable oil including that contained in the undrilled Etive Formation in the East Causeway area. Meanwhile, in the central North Sea, Antrim's drilling plans on the Fyne Field in block 21/28a (Antrim WI 75%) are on schedule, and Antrim expects to start drilling in late February. The first well will target the Eocene Tay sandstone reservoir at approximately 4,500 ffeet, close to the Fyne discovery well 21/28a-2 which tested at rates up to 3,600 bopd. This drilling follows Antrim's recently reported discovery at Kerloch (Antrim, 21%) which penetrated 116 ft of oil column in a single sandstone in the Ness Formation adjacent to the Company's Causeway property.
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