Antrim Energy provides update on FEL 1/13 Republic of Ireland
Tuesday, Sep 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.”

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