Antrim Updates on Operations, Reserves at Greater Fyne Area
Antrim has provided an operational and resource update for the Fyne Field and the 'Greater Fyne Area' in the UK Central North Sea. The Company has received responses to its pre-qualification enquiry for a floating production storage and offloading unit (FPSO) to service production from the 20 million barrel Fyne Field (proved plus probable reserves, McDaniel and Associates Consultants Ltd., December 31, 2008; Antrim 75% interest and Operator). These responses are currently being evaluated. The production system will be expected to process 30,000 barrels of oil per day, allowing for potential production from the as yet undeveloped satellite discoveries.
Plans are progressing to undertake a survey on the planned seabed facilities and pipeline routes associated with the Fyne production system. This work is anticipated to be complete before the end of November this year.
UK 25th Bid Round Resource Estimates
Antrim is also pleased to report that internal resource estimates for the licences recently acquired in the UK 25th Bid Round in Blocks 21/24b, 21/24c, 21/28b and 21/29c in the 'Greater Fyne Area' have been completed. These blocks contain targets in the Eocene Tay and Jurassic Fulmar Sandstones, some of which have been drilled by previous operators. Antrim holds 100% interest in each of these new licences. Antrim estimates the range of total risked prospective resources on these licenses to be 29.7 MMbbls (low estimate), 54.9 MMbbls (best estimate) and 105.5 MMbbls (high estimate). These prospective resources have been risked for chance of discovery but not for chance of development. If a discovery is made, there is no certainty that it will be developed, or if it is developed, there is no certainty as to the timing of such development.
Stephen Greer, Antrim's President & CEO, added, "Antrim is very pleased to report this progress for the Fyne Field and the Greater Fyne Area. The Company is well capitalized in the short term to continue this front end engineering and design work. Antrim is seeking a partner to fund the larger and longer term capital expenditures required to ensure the target production startup for Fyne in mid-2011. The new internal resource estimates lend a high degree of confidence to our strategy of securing an independent FPSO to service the Fyne Field and the surrounding Greater Fyne Area."
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