Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )
 September 22, 2015 - 2:00 AM EDT
Print Email Article Font Down Font Up Charts

Antrim Energy Provides Update on FEL 1/13 Republic of Ireland

CALGARY, ALBERTA--(Marketwired - Sept. 22, 2015) -


Antrim Energy Inc. ("Antrim" or "the Company") (TSX VENTURE:AEN)(AIM:AEY), an international oil and gas exploration company, today announces that its subsidiary Antrim Exploration (Ireland) Limited has received notice from Kosmos Energy Ireland ("Kosmos") that Kosmos intends to withdraw from Frontier Exploration Licence ("FEL") 1/13 (currently Kosmos: 75%, Antrim: 25%) in the Porcupine Basin offshore Ireland's west coast. Kosmos had previously acquired 75% interest and operatorship in FEL 1/13 in 2013 in exchange for carrying the full costs of the 3D seismic programme and re-imbursement to Antrim of a portion of the past exploration costs incurred on the blocks. 

The initial three year term of the FEL expires in early July 2016 and has to date involved the acquisition of 3D seismic over the FEL area, followed by seismic processing, interpretation and geological studies. Antrim will work with Kosmos to review in greater detail the work completed by the operator as well as with the Department of Communications, Energy and Natural Resources ("DCENR") to determine how best to move FEL 1/13 forward. Results from the acquired 3D seismic reinforced Antrim's interpretation based on 2-D seismic and strongly indicated the presence of Lower Cretaceous slope fan and channel deposits similar in geometry and seismic character to many of the recent Cretaceous oil discoveries offshore West Africa. 

Anthony Potter, Antrim's CEO commented "While we are disappointed with Kosmos decision not to continue, their decision to exit the Porcupine Basin should be considered in the broader context of their portfolio and markets. Several exciting prospects and leads have previously been identified on FEL 1/13 and despite volatile commodity markets and investment sentiment moving away from exploration we remain optimistic that FEL 1/13 would be an attractive addition to the right exploration portfolio." 

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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 exploration of the FEL, commodity prices, supply and demand for oil, NGLs and natural gas, expectations regarding Antrim's ability to raise capital, the schedules and timing of certain projects, Antrim's strategy for growth, treatment under governmental and other regulatory regimes and tax, environmental and other laws.

With respect to forward-looking statements contained in this press release, Antrim has made assumptions regarding: Antrim's ability to obtain additional drilling rigs and other equipment in a timely manner, obtain regulatory approvals, the level of future capital expenditure required to exploit and develop resources, the ability of Antrim's partners to meet their commitments as they relate to the Company and Antrim's reliance on industry and government partners for the development of some of its properties, 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 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 Readers are cautioned that this list of risk factors should not be construed as exhaustive.

In accordance with AIM guidelines, Mr. Murray Chancellor, C. Eng., MICE and Managing Director, United Kingdom for Antrim, is the qualified person that has reviewed the technical information contained in this press release. Mr. Chancellor has over 25 years operating experience in the upstream oil and gas industry.

Antrim Energy Inc.
Anthony Potter
President, CEO and CFO
+ 1 403 264-5111

RFC Ambrian Limited
Samantha Harrison
+44 (0) 20 3440 6800

Source: Marketwired (Canada) (September 22, 2015 - 2:00 AM EDT)

News by QuoteMedia