Antrim Energy Inc. ATGYF

Today's presentation. From the UK board

[algrove]

Hi all

I attended the investor forum today. Three companies were presenting, unfortunatley AEY was last and I had thought it was second so I had to push off extremely sharpish.

Murray Chancellor was presenting for AEY and the format was 20 mins and 10 mins questions.
Unfortunately the first 20 mins ran on, and much of the 10 mins was taken up by some innane questions from the proactive investor hosts. Nevertheless please find below a summary,

What happened with Fyne?

Cost have risen by 100% over six months from when they originally planned the project, much of this is costs in the market place for North Sea rig hire. Murray commented that they hope to work out another method of bringing the project online, if they can find a cost effective method. I get the impression (in contrast to Tanzania) that this isn't so much on the back burner, but has been parked, with an intention to revisit. Costs were written off in the 2011 period, so the costs are balance sheet hit.

Ireland - Skelling

This is the exciting project of the company. and near term value well be driven by activities of Exxon next door. Murray commented that he knew Exxon had a rig on in Dunquin and thought they were drilling, but wasn't sure if they had spudded yet... He expected them to take about 80 days to drill I think. The feeling from Murray was that he was excited over the block. i suppose he better be as there doesn't seem to be to much activity going on otherwise.

Tanzania

The licenses in Zanzibar operated by RAK have been owned for years. Murray was asked if there was a risk that RAK may pull out, he said he thought this was extremely unlikely and had no indication of this at all, primarily because RAK had invested a large amount of capital in the project already, For those who don't know the delay is due to political issues on the ground which he thought would see movement shortly. My gut feeling on this issue is that its somewhat on the back burner and is not getting resources thrown at it. Basically I would prescribe almost zero value to these assets because I got know indication that they would be drilled in the near term future i,.e 2-3 years. On the other hand, I wish they would because they look like great oil plays.

N/S production

In short AEY expects to spin of 40mill from Cormorant over 2013. With a market cap of 30 million you do the maths. This alone is good enough for me, as I hope its picked up by a bigger fish in the next few years, but money should be safe. Fortunatley there doesnt appear to be many things to mess up now, and the current price is an excellent entry price. This is a single bagger though and for the patient investor. No point applying value to Tanzania and I think we might see fyne again but not in the near future.

Didnt ask any questions as Fynne was covered pretty exstensivley and I had to leave early. Apologise if not useful or didnt cover the points you wanted.

KR

SDL