Antrim Energy Inc. Announces 2009 First Quarter Financial and Operational Results
Antrim Energy Inc., an international oil and gas exploration and production company, today reported its financial and operational results for the three month period ended March 31, 2009.
All financial figures are unaudited and in US dollars unless otherwise noted
HIGHLIGHTS:
- Increased production in Argentina to 1,590 boepd
- New well tie-ins and additional pipeline capacity in Argentina completed on target
- Average gas price in Argentina increased 78% to $1.44 per mcf over Q1 2008
- Financial flexibility with strong cash position of US$ 31.2 million and no debt
In the first quarter 2009, average production in Argentina increased to 1,590 barrels of oil equivalent per day (”boepd”) compared to 1,503 boepd in the first quarter 2008. Oil and gas revenue decreased to $3.2 million for the three months ended March 31, 2009 compared to $3.7 million for the same period in 2008. Revenues decreased as a result of lower oil production and lower oil prices partially offset by higher gas production and higher gas prices. Cash flow from operations was $0.3 million for the three months ended March 31, 2009 compared to $1.4 million for the same three month period in 2008. Current production from Argentina exceeds 1,800 boepd.
United Kingdom
Work continues on Antrim’s two major North Sea properties Fyne (Antrim operated, 75% working interest) and Causeway (Antrim operated, 65.5% working interest). A Field Development Plan (”FDP”) for the 20 million barrel (gross) Fyne Field is being constructed. The FDP envisages oil production from three producing wells two of which were drilled in 2008. Production systems and an export route are currently under evaluation including production through existing infrastructure located between 7 and 21 km from the Fyne Field and the deployment of an independent floating production storage and offloading system (”FPSO”). The Fyne Field forms the core of a group of Antrim owned and operated licences in the Central North Sea including several licences awarded in the recent UK 25th Bid Round (blocks 21/24c, 21/28b and 21/29c).
Progress has been made on Antrim’s Causeway FDP (submitted to the UK Department of Energy and Climate Change (”DECC”) in December 2008) and work continues with the Dunlin platform operator to incorporate significant cost and time savings into the subsea completion and tie-in of the production and injection wells to the Dunlin processing facilities. Antrim plans to include these changes into an updated FDP. Geological and geophysical work including reprocessing and interpretation of Causeway 3D seismic data has been completed and will be also incorporated into the FDP.
On April 22, 2009, the United Kingdom government announced a package of reforms to its North Sea fiscal regime as part of the 2009 budget. Although details of the reforms have not been provided, it appears that both the Causeway and Fyne projects will receive an economic benefit from these measures.
Argentina
Commissioning of the pipeline linking the Company’s gas producing fields in Tierra del Fuego with the San Martin gas sales line across the Straits of Magellan was completed in mid September 2008 and has enabled Antrim to deliver gas to the Argentine mainland at higher prices. The system is currently delivering 20 (net 5.2) million cubic feet per day (”mmcf/d”) to mainland markets. Antrim’s focus in the first quarter 2009 has been on increasing production through well tie-ins. Antrim anticipates production in 2009 to average approximately 2,300 boepd.
Related posts:
- Antrim Energy Inc. Provides Operational and Resource Update for the Greater Fyne Area, UK Central North Sea
CALGARY, ALBERTA– Antrim is pleased to provide an operational and resource update for the Fyne Field and the ‘Greater Fyne... - Insignia Energy Ltd. Announces Its 2009 1st Quarter Results
Insignia Energy Ltd. is pleased to report to its shareholders the financial and operating results for the three months ended... - Aberdeen NAV of $1.02 Per Share and Second Quarter Financial Results
TORONTO, ONTARIO– ABERDEEN INTERNATIONAL INC. (”Aberdeen”, or the “Company”) is pleased to announce that it has released its financial results...
Comments
Leave a Reply
