CALGARY, ALBERTA--(Marketwired - Nov. 17, 2015) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
Antrim Energy Inc. ("Antrim" or "the Company") (TSX VENTURE:AEN)(AIM:AEY), an international oil and gas exploration company, is pleased to announce that, post completion of the Fyne and Erne abandonment programme in September 2015, amounts invoiced to its former joint venture partners for their portion of the abandonment costs have now been received.
The Company, with its current cash resources, and with no debt and no decommissioning obligations, is in a strong financial position. Estimated unrestricted cash on hand, less trade payables is US$9.7 million (CAD $0.07 per share)(1). In addition the Company anticipates, subject to finalization and government approval of the transfer of Kosmos Energy Ireland's ("Kosmos") interest in Frontier Exploration Licence ("FEL") 1/13 to Antrim, obtaining at no further cost a 100% working interest in this highly prospective area in the Porcupine Basin offshore Ireland's west coast.
Antrim was one of the first companies to realize the potential in the southern Porcupine Basin. The Company has, in conjunction with Kosmos, identified numerous leads including two highly prospective Jurassic fault blocks and one Cretaceous submarine fan system in the FEL 1/13 licence. The Porcupine Basin is the conjugate basin to the eastern Canadian Orphan Basin/Flemish Pass area. Studies of these conjugate margins have demonstrated many similarities in terms of source rock, maturation, hydrocarbon migration, reservoir characteristics, and trap formation. To move exploration of FEL 1/13 forward, Antrim will be seeking to farm-out a portion of its interest in the licence to a new operator. Participants' interest in the recent Ireland 2015 Atlantic Margin Licensing Round was very strong and the results, when announced, may have a further impact on the farm-out process.
With respect to the Company's plans to look for M&A opportunities, there is growing consensus that oil and gas sector M&A activity should increase. Antrim will continue to assess opportunities based on, amongst other criteria, strategic fit, focus on near term appraisal / development, use of funds, transformative potential with upside potential for Antrim shareholders and current or near term cash flow.
Antrim Energy Inc. is a Canadian, Calgary based junior oil and gas exploration company with assets in the UK North Sea and Ireland. Antrim is listed on the TSX Venture Exchange (AEN) and on the London AIM market (AEY). Visit www.antrimenergy.com for more information.
Note (1): Based on 184,731,076 common shares outstanding.
Forward-Looking and Cautionary Statements
This press release and any documents incorporated by reference herein contain certain forward-looking statements and forward-looking information which are based on Antrim's internal reasonable expectations, estimates, projections, assumptions and beliefs as at the date of such statements or information. Forward-looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting", "forecast", "achieve" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements and information. Antrim believes that the expectations reflected in those forward-looking statements and information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements and information included in this press release and any documents incorporated by reference herein should not be unduly relied upon. Such forward-looking statements and information speak only as of the date of this press release or the particular document incorporated by reference herein and Antrim does not undertake any obligation to publicly update or revise any forward-looking statements or information, except as required by applicable laws.
This press release may contain specific forward-looking statements and information pertaining to Antrim's plans for exploring and developing its licences, including the FEL, commodity prices, supply and demand for oil, NGLs and natural gas, and Antrim's strategy for growth.
With respect to forward-looking statements contained in this press release, Antrim has made assumptions regarding the general stability of the economic and political environment in which Antrim operates and the future of oil and natural gas pricing. In respect to these assumptions, the reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect.
Many of these risk factors, other specific risks, uncertainties and material assumptions, including risks relating to the FEL, are discussed in further detail in Antrim's Annual Information Form ("AIF") for the year ended December 31, 2014. Readers are specifically referred to the risk factors described in Antrim's AIF under "Risk Factors" and in other documents Antrim files from time to time with securities regulatory authorities. Copies of these documents are available without charge from Antrim or electronically on the internet on Antrim's SEDAR profile at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
In accordance with AIM guidelines, Mr. Jerry Spring, B.Sc., P. Geoph., Senior Geophysicist for Antrim, is the qualified person that has reviewed the technical information contained in this press release. Mr. Spring has over 35 years operating experience in the upstream oil and gas industry.
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