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Calgary-based Antrim Energy has agreed a £25 million working capital facility with Bank of Scotland.

The facility, for $50 million (£25 million), is to meet pre-development costs for the Causeway property in the North Sea, where AIM-quoted Antrim is the operator, with a 65 per cent stake. The company, also quoted in Toronto, is at present preparing a field development plan for Causeway and, if the authorities approve this, intends to replace the new facility with a $150 million senior secured field development facility and a $40 million contingent cost overrun facility.

Antrim is active elsewhere, too. President and chief executive officer Stephen Greer says, ‘We anticipate accelerated development of the Fyne and Dandy fields, with production forecast for early 2010.’

Shares in Antrim, which surged from 49.5p three years ago to 400p last July, have since fallen back to 153.5p before rallying to 209p, up 12p today. This agreement should enhance their speculative appeal.

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Antrim Energy Inc	AIM	£29.69m	22.00p	-3.00p
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Other company articles:
Antrim clinches funding deal			07/03/2008