Antrim Energy Inc. (TSX: T.AEN
) said approval has been received from the Irish Government for the conversion of Licensing Option 11/5 (Antrim 25%) in the Porcupine Basin offshore Ireland's west coast to a Frontier Exploration License, and a 3D seismic acquisition program has commenced.
On July 5, 2013 the Minister of State at the Department of Communications, Energy and Natural Resources approved the Frontier Exploration License to a subsidiary of Kosmos Energy Ltd. (NYSE: KOS
), the 75% interest owner.
According to the Antrim Energy press release
, the Frontier Exploration License has a 15-year term, with an initial three-year term followed by three four-year terms. Following the mandatory 25% relinquishment of the licensing option area, the new license covers an area of approximately 1,000 square kilometers.
The approved work program for the first three-year term of the new license involves acquisition of 3D seismic over the area, followed by seismic processing, interpretation and geological studies.
Seismic acquisition commenced on July 10, 2013, and will be completed by the end of September 2013.
Antrim is a Canadian-based international exploration and production company.
On Monday morning, Antrim was trading at $0.10 a share. The company had a market cap of $19.4 million, based on 184.7 million shares outstanding.