Rns...25 Feb 2014 09:37
February 25, 2014
Antrim Updates Fyne Field Development
CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwired - Feb. 25, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
Antrim Energy Inc. (TSX:AEN)(AIM:AEY) ("Antrim" or the "Company") -
Antrim Energy Inc., a Canada-based international exploration and production company, is pleased to announce
that the UK Department of Energy and Climate Change ("DECC") has agreed to amend the terms of UK Central North
Sea Licence P077 Block 21/28a (Antrim 100%) to allow for a Field Development Plan ("FDP") for the Fyne Field to
be submitted no later than 31 August 2014.
DECC's consent to this amendment includes conditions, amongst other things, that the FDP submission is in its
final form, the Environmental Statement is cleared, Antrim is approved as a Production Operator, there is
satisfactory evidence of project financing, and reasonable assurance that first production will be achieved
prior to 25th November 2016.
Antrim previously announced in July 2013 the cooperation on the Fyne Development and signing of a Joint
Development Agreement with Enegi Oil Plc ("Enegi") and Advanced Buoy Technology ("ABTechnology") to undertake
engineering studies and preparation of an FDP for the Fyne Field. The terms of the agreement include that there
will be no costs to the Company prior to FDP approval. During the second half of 2013 Enegi-ABTechnology worked
with contractors to engineer the production facility for Fyne. The environmental statement is now due to be
submitted during March. Engineering work will continue during the summer with FDP approval prior to 31st August
2014. Upon approval of the FDP by DECC, Enegi-ABTechnology will earn the right to acquire 50% working interest
in the licence. Antrim will remain operator.
Antrim's CEO Stephen Greer commented, "We are very pleased to have the continued support for DECC with the
challenges of developing relatively marginal, stranded oil fields, and the support for new technology to
achieve this in the North Sea."
Additional information concerning Antrim Energy Inc. is available at www.antrimenergy.com. Investor inquiries
may be directed to info@antrimenergy.com or 1-403-264-5111.
Forward-Looking and Cautionary Statements
This press release and any documents incorporated by reference herein contain certain forward-looking
statements, including statements regarding Antrim's future business plans, which are based on Antrim's internal
reasonable expectations, estimates, projections, assumptions and beliefs as at the date of such statements.
Forward-looking statements often, but not always, are identified by the use of words such as "seek",
"anticipate", "believe", "plan", "estimate", "expect", "targeting",