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Antrim Energy’s 100% position in Irish exploration project is confirmed

Last updated: 11:27 13 Jun 2016 BST, First published: 06:27 13 Jun 2016 BST

offshore oil platform
Antrim wants to extend the licence, which is due to expire in July

Antrim Energy Inc (CVE:AEN, LON:AEY) told investors that it now has full ownership and control of Frontier Exploration Licence (FEL) 1/13.

The Irish authorities have now formally approved the transfer of a 75% interest in FEL 1/13 formerly held by Kosmos Energy back to Antrim Energy.

Kosmos, which had been operator, decided last year to exit the project.

Confirmation of Antrim’s 100% interest in FEL 1/13 comes after Ireland’s successful offshore licensing round, which has seen leading blue chip oil companies move in and take new acreage.

Companies such as Exxon, Statoil, BP and China’s CNOOC (via Nexen) have recently been awarded new exploration interest offshore Ireland as part of this process.

Antrim in a stock market statement highlighted that two two highly prospective Jurassic fault blocks and one Cretaceous submarine fan system have been identified in the FEL 1/13 Licence area, as well as numerous other leads.

The company added that the initial term of the FEL runs until July 2016, and the company has submitted a request the first exploration for two further years.

At the same time, Antrim is now seeking a new exploration partner and project operator to complete any additional technical work required during the possible extension period.

It aims to reach a position to make a well commitment by the end of a revised first exploration period.

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