CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwired - July 15, 2013) -
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Antrim Energy Inc., a Canada-based international exploration and production company, today announced approval has been received from the Irish Government for the conversion of Licensing Option 11/5 (Antrim 25%) in the Porcupine Basin offshore Ireland's west coast to a Frontier Exploration Licence ("FEL"), and a 3D seismic acquisition programme has commenced.
The FEL application submitted by operator Kosmos Energy Ireland ("Kosmos"), a subsidiary of Kosmos Energy Ltd. and 75% interest owner, was approved by the Minister of State at the Department of Communications, Energy and Natural Resources ("DCENR") effective July 5, 2013. The FEL, titled FEL 1/13, has a 15 year term, with an initial three-year term followed by three four-year terms. Following the mandatory 25% relinquishment of the Licensing Option area, FEL 1/13 covers an area of approximately 1,000 square kilometres in Blocks 44/4, 44/5, 44/9, 44/10, 44/14 and 44/15.
The approved work programme for the initial three year term of the FEL involves acquisition of 3D seismic over the FEL area, followed by seismic processing, interpretation and geological studies. Seismic acquisition commenced on July 10, 2013, and is expected to be completed by the end of September, 2013. As previously announced (18 April 2013), Kosmos acquired 75% interest and operatorship in the Licensing Option and subsequent FEL 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.
Forward-Looking and Cautionary Statements
Some of the statements in this announcement may be forward-looking including statements relating to exploration activities by Antrim and others in the Skellig Block in offshore Ireland. When used in this announcement, the word "approximate", "expect" and similar expressions are intended to identify forward-looking statements. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. 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 changes to the exploration activities for the Skellig Block. 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 Annual Information Form for the year ended December 31, 2012 and dated March 26, 2013 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. Terry Lederhouse, P. Eng. and VP - Commercial of Antrim, is the qualified person that has reviewed the technical information contained in this news release. Mr. Lederhouse has over 37 years of experience in the upstream oil and gas industry.
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