As most investors know I’m in a concert party that owns just over 3% of Antrim Energy (LON: AEY). We invested in AEY due to their strong balance sheet. Antrim have approx. $12 million dollars in cash and cash equivalents on their book. No debt and asset/licence interests in Ireland and the UK Offshore. There’s the Frontier Exploration Licence (“FEL”) 1/13. The Fyne Licence, P077 Block 21/28a and Erne Licence P1875 Block 21/29d. All three are 100% owned by the company. Within one of those licence areas there’s a highly prospective resource of 1.1 Billion barrels of oil. known as the Skellig Block, in the Porcupine Basin.
“The Company has identified two highly prospective Jurassic fault blocks and one Cretaceous submarine fan system in the FEL 1/13 Licence, as well as numerous other leads. FEL 1/13 has a 15 year term, with an initial three-year term followed by three four-year terms. The initial three-year term expires in early July 2016 and Antrim has submitted a request to extend the first exploration term by an additional two years and this request requires the approval of the Irish authorities. The Company is also currently seeking a new farm-in partner and operator to complete any additional technical work necessary during the period of any extension granted by the Irish authorities with the ultimate goal that a well commitment could be made at the end of the revised first exploration phase.”
Over recent months we have been in contact with the management and stakeholders. Notably Hedgehog Capital who it must be said have failed to add any thing constructive.
Now here’s the way forward for Antrim. As I see it there are three ways for the company to go. 1/ Get moving on progressing FEL 1/13. 2/. Resign and let new blood take over (You’ll remember that Sound Energy recently made a Takeover approach. I’m sure they would come back. 3/ (In my opinion the best way forward) Dissolve the company and return all cash and cash from asset/s sales back to their shareholders. This could return 4p-6p to their long suffering shareholders. I must point out that we have made our position very clear to the company.
So it’s over to 3 salaries Anthony Potter the Antrim Energy President, Chief Executive Officer and
Chief Financial Officer. Get the Antrim Energy House in order otherwise it’s a potential EGM situation looming large Mr Potter.