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Antrim, an international oil and gas exploration and production company headquartered in Calgary, Canada, today announced that, through its wholly owned subsidiary Antrim Resources (N.I.) Limited, it has executed an oil sales contract with BP Oil International Limited for the sale of Antrim's share of oil produced from the Causeway Field in UKCS Block 211/23d (Antrim working interest 35.5%).
Oil produced from the Causeway Field will be transported to and processed at the North Cormorant platform operated by TAQA Bratani Limited before being exported to the Sullom Voe terminal for sale. Field operations are in progress for the completion and tie-in of production well 211/23d-17Z, which was drilled in 2006 by Antrim and partners and tested at rates up to a peak of 14,500 barrels of oil per day from the combined Ness and Tarbert Formations. Initial production from Causeway is anticipated in late September, 2012.
Under the terms of the oil sales agreement, Antrim can also include its share of oil production from the adjacent Fionn Field in the sales arrangement, once production commences there. As announced on August 21, 2012, the Field Development Plan for Fionn has been approved by the UK Department of Energy and Climate Change ("DECC"), with initial production expected in mid-2013.
Forward-Looking and Cautionary Statements
Some of the statements in this announcement may be forward-looking including statements relating to Antrim's business plans for the development of and expected production from the Causeway and Fionn oil fields. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "expect", "anticipate" and similar expressions are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements, including without limitation, unanticipated delays with respect to the initial oil production from the Causeway and Fionn oil fields. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Antrim's control. Please refer to Antrim's Amended and Restated Annual Information Form for the year ended December 31, 2011 and dated March 26, 2012 and available for viewing at www.sedar.com, for a list of risk factors. Antrim's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Antrim will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Antrim or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release.
In accordance with AIM guidelines, Mr. Kerry Fulton, P. Eng and Vice President of Operations of Antrim, is the qualified person that has reviewed the technical information contained in this news release. Mr. Fulton has over 30 years operating experience in the upstream oil and gas industry.