OTCPK:ATGYF - Post by User
Post by
2guyson Mar 27, 2013 9:45am
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Post# 21173949
Decrease in Reserves...
Decrease in Reserves... I think the decrease in reserves due to the dropping of the Fyne and Crinan field is the reason. Anyone know what their current cash position is? tia
Reserves Update
In February 2013 Antrim elected out of participating further in the Fionn Field development and on March 26, 2013 the Company discontinued development of the Fyne and Crinan Fields following a significant escalation of expected future development costs. The impact on Antrim's reserves (based on McDaniel's December 31, 2012 reserve estimates) is as follows:
Net UK Proved plus Probable Reserves (Mbbl) ----------------------------------------------------------------------------At December 31, 2012 16,626 Less: Fionn Field (1,727) Fyne and Crinan Fields (11,758)----------------------------------------------------------------------------Revised proved plus probable reserves 3,141