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Wednesday, 15 May 2013
Antrim Energy expects to increase Causeway production in second half
Revenue from Antrim Energy 's (LON:AEY, TSE:AEN) Causeway field led to cashflow from operations of US$6.6 mln in the first quarter.
That compared to a cash deficiency in the three months to March 31 last year of US$1.6 million.
Production at the North Sea field began last November and averaged 3,336 gross barrels of oil per day, with 976 barrels net to the company (2012:nil).
Looking ahead, the company said it expects to see increased production from the Causeway field following deployment of the ESP (electrical submersible pump) in the second half of 2013.
Meanwhile, a water injection scheme is scheduled to begin working in 2014.
"Following the discovery of the Cormorant East Field by the Contender Well, Antrim anticipates at least one appraisal well, downdip of the discovery well and a plan to explore the adjacent fault compartments.
Earlier this month, Antrim confirmed its farm-out deal with Kosmos Energy has been approved by the Irish government.
Kosmos will now become operator of Licensing Option 11/5, which is also known as the Skellig Block, and it will acquire a 75% stake in the asset
"Recent seismic studies on the Skellig block in the Porcupine Basin offshore Southwest Ireland have high graded the
Dunree Prospect, adjacent to the licence holding the Dunquin Prospect, where drilling operations commenced in April 2013," the company said.
"Antrim and its joint venture partner Kosmos plan to apply for conversion of the licensing option to a frontier exploration licence in the second quarter of 2013 and obtain approval for a 3D seismic program to cover the entire licence," it added.