Antrim outlines timeline for Fyne in North Sea

Antrim Energy (LON:AEY) has submitted to the UK government a draft field development plan for the Fyne field in the UK northern North Sea.

Offshore staff

CALGARY, Canada – Antrim Energy (LON:AEY) has submitted to the UK government a draft field development plan for the Fyne field in the UK northern North Sea. The company expects approval by April.

Fyne is in license P077 block 21/28a (Antrim 100% interest). Front-end engineering and design is in progress for the subsea facilities and for modifications to the host FPSO.

Last November, Antrim signed a heads of terms agreement with Teekay subsidiary Hummingbird Production concerning a lease of theHummingbird Spirit FPSO for the development. First oil is expected to flow in late 2014, contingent on transfer of the floater from its current location.

Proved plus probable oil reserves in Fyne are estimated at 11.7 MMbbl.

At the recently onstreamCauseway oil field in the same region (Antrim 35.5%), work is expected to finish this month on the previously drilled well 211/23d-18. During the second half of 2013, water injection and electrical submersible pumps should begin operations, following completion of topside modifications on the host North Cormorant production platform. Currently, Causeway is producing around 4,500 b/d under primary depletion.

2/7/2013

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