Antrim offloads North Sea Causeway subsidiary
Antrim Energy has agreed to sell its UK subsidiary Antrim Resources (N.I.) to First Oil Expro.
CALGARY, Canada – Antrim Energy has agreed to sell its UK subsidiary Antrim Resources (N.I.) to First Oil Expro.
The transaction value is $53 million in cash, plus the assumption of certain liabilities and adjusted working capital.
Antrim will retain its interest in UK northernNorth Sea licenses P077 block 21/28a (Fyne) and P1875 block 21/29d (Erne), along with frontier exploration license FEL 1-13 in the Porcupine basin offshore western Ireland.
The producing assets to be sold include Antrim’s 35.5% stake in theCauseway subsea development in the northern North Sea where capital costs have been higher than expected. Development has been hindered by production interruptions caused by shutdowns at the host North Cormorant platform and continued delays in completion of the Causeway electric submersible pump and water injection facilities.
Although this equipment is expected to become operational in 2Q, additional cost issues have arisen.