The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Antrim Announces US$30 Million Payment Swap and Brent Oil Price Commodity Swap Transactions

Wednesday, January 23, 2013

Antrim Announces US$30 Million Payment Swap and Brent Oil Price Commodity Swap Transactions11:58 EST Wednesday, January 23, 2013CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - Jan. 23, 2013) -NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim" or the "Company") Antrim today announced that its wholly-owned UK subsidiary Antrim Resources (N.I.) Limited ("ARNIL") has entered into a US$ 30 million Payment Swap transaction with Credit Suisse AG ("CSAG") and a Brent oil price Commodity Swap transaction with Credit Suisse International ("CSI"). US$ 30 Million Payment Swap ARNIL has entered into a US$ 30 million Payment Swap with CSAG which provides ARNIL with sufficient funding to meet its commitments for cost overruns on the completion of the production well in the Causeway Field in P1383 Block 211/23d (Antrim 35.5% interest), future costs related to the Causeway water injection well and the initial Front End Engineering and Design work associated with the Fyne Field in P077 Block 21/28a (Antrim 100% interest). The Causeway water injector is anticipated to be operational in the second half of 2013. A draft Field Development Plan for the Fyne Field has been submitted to the UK Department of Energy and Climate Change, with first production planned in late 2014. Under the terms of the Payment Swap, the US$ 30 million is repayable in 29 installments commencing September 2013 and concluding January 2016. The interest rate under the Payment Swap is fixed at 5.1%.Brent Oil Price Commodity Swap To enable ARNIL to pay amounts under the Payment Swap, ARNIL entered into a Brent Oil Price Commodity Swap with CSI. The forward sale of 657,350 barrels of Brent crude oil at a fixed price of US$ 89.37 covers the period from February 2013 to December 2015. Additional information concerning Antrim Energy Inc. is available at Investor inquiries may be directed to or 1-403-264-5111.Forward-Looking and Cautionary Statements Some of the statements in this announcement may be forward-looking including statements relating to Antrim's business plans for developing the Causeway and Fyne Fields. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "anticipated", "planned " and similar expressions are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements, including without limitation, production risk from the Causeway Field and unanticipated delays with respect to development of the Causeway and Fyne Fields. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. In addition, factors affecting the risk to Antrim of the forward sale include the short production history of Causeway and the risk due to Causeway being a one well producer. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Antrim's control. Please refer to Antrim's Amended and Restated Annual Information Form for the year ended December 31, 2011 and dated March 26, 2012 and available for viewing at, for a list of risk factors. Antrim's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Antrim will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Antrim or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release. FOR FURTHER INFORMATION PLEASE CONTACT: Contact Information: Antrim Energy Inc.Stephen GreerPresident & CEO(403) 264-5111(403) 264-5113 (FAX)greer@antrimenergy.comAntrim Energy Inc.Douglas OlsonChief Financial Officer(403) 264-5111(403) 264-5113 (FAX)olson@antrimenergy.comAntrim Resources (N.I.) Ltd.Murray ChancellorManaging Director (UK)+44 (0) 1483-307 530+44 (0) 1483-307 531 (FAX) Europe LimitedMartin Eales+44 (0) 20 7029 7881BuchananTim Thompson/Tom Hufton+44 (0) 20 7466-5000