Antrim Energy gets more time to submit Fyne FDP

DECC’s consent to this amendment includes conditions, amongst other things, that the FDP submission is in its final form, the Environmental Statement is cleared, Antrim is approved as a Production Operator, there is satisfactory evidence of project financing, and reasonable assurance that first production will be achieved prior to 25th November 2016.

Antrim previously announced in July 2013 the cooperation on the Fyne Development and signing of a Joint Development Agreement with Enegi Oil Plc (“Enegi”) and Advanced Buoy Technology (“ABTechnology”) to undertake engineering studies and preparation of an FDP for the Fyne Field. The terms of the agreement include that there will be no costs to the Company prior to FDP approval. During the second half of 2013 Enegi-ABTechnology worked with contractors to engineer the production facility for Fyne. The environmental statement is now due to be submitted during March. Engineering work will continue during the summer with FDP approval prior to 31st August 2014. Upon approval of the FDP by DECC, Enegi-ABTechnology will earn the right to acquire 50% working interest in the licence. Antrim will remain operator.