Under the terms of the Fionn Field Supplementary Agreement with Valiant, Antrim’s share of the

Fionn pre-investment costs are being paid by Valiant. Antrim has the option for three months

following first oil production from the Causeway Field to opt out of participating in the Fionn Field

development and sell its 35.5% working interest share to Valiant for the cost of its 35.5% working

share of the Fionn pre-investment costs, or to confirm its continued participation by repaying its share

of the Fionn pre-investment costs plus interest. If Antrim elects to opt in on the Fionn Field

development Antrim’s share of the development costs, including the pre-investment costs, is estimated

to be approximately $22 million in 2013.


Its obvious from this that, for 2013, AEN's net gain would be about $8 million under its cash flow option ( .355 of $30 million less $22 million ) and the same amount for getting its investment back ( .355 times $22 million ).


Other than this, its commitments in 2013 are estimated to be $13.8 million and $10 million for Fyne and Dandy, assuming that the FDP is completed.


Estimated cash flows net to AEN are estimated by AEN to be $30 million in the first year and from Causeway $100 million.


Along with $25 million in cash, that should enable its 2013 commitments to be easily met.