Causeway Licences

On November 12, 2012, Antrim announced that first oil production from Causeway had commenced with initial gross production of approximately 4,500 barrels of oil per day ("bopd") on a 53% choke. Initial production rates are currently being impacted by longer than anticipated clean-up and commissioning due to the long horizontal nature of the well. The installed electric submersible pumps are anticipated to contribute to increased production rates in the first half of 2013.

The Causeway Field includes one production well with a planned water injection well to be completed in early 2013. Oil is transported by pipeline to and processed at the North Cormorant production platform operated by TAQA Britani Limited ("TAQA") before being exported to the Sullom Voe terminal via the Brent Pipeline System for sale to BP Oil International Limited ("BP"). Antrim's remaining development costs for its 35.5% working interest are estimated at $19.1 million in 2012 and $13.8 million in 2013.

As part of the sale of the 30% working interest in the Causeway Licences to Valiant Petroleum plc ("Valiant") in October 2011, Antrim entered into a DLA giving Valiant the right to produce and sell 6.25% of Antrim's share of oil produced, without liability for operating costs and expenses. Antrim's share of oil produced will be reduced to 29.25% until a cumulative value of $8.9 million of oil is received by Valiant.

Fionn Field first production is anticipated for the middle of 2013. Valiant has completed the early installation of subsea infrastructure for the development of the Fionn Field. A field development plan ("FDP") for the Fionn Field was approved by the Department of Energy and Climate Change ("DECC") in August 2012. Fionn Field production will be combined with the Causeway Field production and transported for processing to the North Cormorant platform. Antrim's share of the development costs for the Fionn Field, including the pre-investment costs, is estimated to be approximately $22 million.

Seems they have to come up wiith a lot of extra cash !!!!!!!!!!!!!!!!!!!!!!