Antrim Energy Inc. ("Antrim" or "the Company")(TSX:AEN) (AIM:AEY), an international oil and gas exploration and production company, today reported its financial and operational results for the three and nine month periods ended September 30, 2012.
On November 12, 2012, Antrim announced that first oil production from Causeway had commenced with initial gross production of approximately 4,500 barrels of oil per day ("bopd") on a 53% choke. Initial production rates are currently being impacted by longer than anticipated clean-up and commissioning due to the long horizontal nature of the well. The installed electric submersible pumps are anticipated to contribute to increased production rates in the first half of 2013.
The Causeway Field includes one production well with a planned water injection well to be completed in early 2013. Oil is transported by pipeline to and processed at the North Cormorant production platform operated by TAQA Britani Limited ("TAQA") before being exported to the Sullom Voe terminal via the Brent Pipeline System for sale to BP Oil International Limited ("BP"). Antrim's remaining development costs for its 35.5% working interest are estimated at $19.1 million in 2012 and $13.8 million in 2013.
As part of the sale of the 30% working interest in the Causeway Licences to Valiant Petroleum plc ("Valiant") in October 2011, Antrim entered into a DLA giving Valiant the right to produce and sell 6.25% of Antrim's share of oil produced, without liability for operating costs and expenses. Antrim's share of oil produced will be reduced to 29.25% until a cumulative value of $8.9 million of oil is received by Valiant.
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