Antrim Inks $50MM Working Capital Facility with Bank of Scotland
Antrim Energy Inc. announced that its subsidiary, Antrim Resources (NI) Limited, has signed a US$50
million working capital facility agreement with Bank of Scotland plc.
The working capital facility will be available for pre-development costs associated with Antrim's Causeway
property (Antrim 65.5%, Operator) and for the appraisal of the Fyne and Dandy fields (Antrim 75%, Operator) in
the UK. The amount available under the facility will increase as Antrim prepares, submits and receives final
approval of a Field Development Plan (FDP) for the Causeway property. In July 2008, Antrim successfully drilled
the last well planned for the Causeway property before oil is produced under the current proposed phase of the
"We are very pleased to have finalized this agreement with Bank of Scotland," said Stephen Greer, President and CEO. "Going foward we anticipate a close working relationship with the Bank and replacing this facility upon FDP approval, with a larger senior secured field development facility for both the Causeway and Fyne Fields."
Drilling operations on the Antrim-operated Fyne Field in the UK Central North Sea block 21/28a are currently
underway. Early cash flow from Causeway production and the Fyne Field is expected to fund the development of
additional reserves in the Causeway, Fyne and Dandy areas.
- Enegi Mulls Newfoundland Divestment, Increased Stake in ABT (Aug 29)
- Antrim Energy Considering Selling Stake in Causeway Field (Nov 15)
- Production Resumes at Causeway, Cormorant East Fields (Oct 25)