And the Grand Sell Off BeginsSelling Causeway is the death knell. Outlook
Antrim expects to see increased production from the Causeway Field following deployment of the ESP in early 2014. A water injection scheme is scheduled to commence operation in Q3 2014.
Following the discovery of the Cormorant East Field by the Contender Well, Antrim anticipates drilling at least one appraisal well in 2014, downdip of the discovery well and a plan to explore the adjacent fault compartments.
Recent seismic studies on the Skellig block in the Porcupine Basin offshore Southwest Ireland have high graded the Dunree Prospect. Antrim and Kosmos anticipate completing processing of 3D seismic data acquired within the area by Q1 2014.
In addition to ongoing discussions between the Company and its lender to mitigate the impact of restrictions on cash balances and existing loan terms requiring further cash reserves, the Company is reviewing its options, including possible further divestments including a possible divestment of all or a part of its Causeway asset, and has engaged Carlingford, a division of GFI Brokers Limited to advise and assist the Company with this process. There can be no assurance, however, that additional capital funding in the form of additional equity, debt, sale and/or farm-out arrangements will be available to the Company.