StockMarketWire.com - Antrim Energy has issued an update which highlights how the pace of its activity in the UK North Sea continues to grow.

The company - which also has interests Ireland and Tanzania - says highlights include:

* Completion of the water injector to increase production from the Causeway field which is currently producing 4,500 barrels of oil per day (1,600 bopd net to Antrim)

* Resumption of production from Cormorant East field following a precautionary shutdown of the Cormorant Alpha platform and Brent Pipeline System - currently performing production diagnostic testing

* Submission of the draft field development plan for Fyne field to Department of Energy and Climate Change. Approval is expected by the second quartr

* Antrim election to not participate in further development work on the Fionn field. Antrim retains a 35.5% interest in the remainder of P201 Block 211/22a South East Area

President and chief executive Stephen Greer said: "The pace of Antrim's activity in the UK North Sea continues to grow. The completion of the water injector is an important step towards enhancing production rates and recovering the optimum reserves from the Causeway field.

"On the adjacent licence, the initial flow rates and pressure data from the Cormorant East field suggest the possibility of further appraisal and development drilling, and may open up the possibility of further exploration and appraisal work in adjacent fault compartments and in the area of the 2007 Kerloch oil discovery.

"Antrim's decision to opt out of further development work on the Fionn Field allows the company to focus on the more attractive Cormorant East and Fyne developments.

"Antrim's commitment to growth in the UK North Sea was recently underscored by the option to lease the Hummingbird FPSO, breaking the log jam created by the lack of available production infrastructure in the Fyne area.

"Antrim will continue to fast track this development, which is expected to receive government approval in Q2 2013 with first production scheduled for late 2014.

"As Fyne is 100% owned by Antrim, this will represent a significant step change in the profile of the company and we look forward to further establishing ourselves as a quality North Sea operator."



At 9:39am: [LON:AEY] Antrim Energy Inc share price was -0.75p at 33p


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