Antrim, Valiant agree UK North Sea field transaction

Antrim Energy and UK independent Valiant Petroleum have approved early completion of the Sale and Purchase Agreement of Antrim Causeway (N.I.), announced in March.

Offshore staff

CALGARY, Canada – Antrim Energy and UK independent Valiant Petroleum have approved early completion of the Sale and Purchase Agreement of Antrim Causeway (N.I.), announced in March.

Antrim Causeway (N.I.) Limited holds a 30% interest in UK northern North Sea blocks 211/22a south east area and 211/23d, containing the Causeway field.

Under the agreement, Antrim Energy will receive a $21.75 million contribution toward development expenses related to its remaining 35.5% interest in the Causeway field.

The transaction had been conditional on final approval of the field development plan by the UK government. Early completion, however, allows the Causeway joint venture to speed up field operations in preparation for an estimated production start in the second half of 2012.

08/11/2011

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