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AEY Antrim Egy

2.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Antrim Egy LSE:AEY London Ordinary Share CA0372431027 COMMON SHARES NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 2.50 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Antrim Energy Annual Financial Report

25/04/2016 7:16am

UK Regulatory


 
TIDMAEY 
 
Annual Financial Report 
FOR:  ANTRIM ENERGY INC. 
 
TSX VENTURE SYMBOL:  AEN 
AIM SYMBOL:  AEY 
 
                                        Antrim Energy Inc. 2015 Annual Report 
 
CALGARY, ALBERTA--(Marketwired - April 25, 2016) - 
 
HIGHLIGHTS 
 
=-  Strong cash position, no debt, substantially lower G&A costs and limited 
    financial commitments moving forward 
=-  Obtain 100% interest in the highly prospective Skellig Block, Ireland 
    (subject to finalization and government approval) 
=-  Successful completion of four well abandonment program in United Kingdom 
    Central North Sea 
=-  Realization of significant abandonment cost reductions ($1.9 million) 
    and collection of amounts due from partners 
=-  Continue to evaluate M&A opportunities 
 
 
MANAGEMENT'S DISCUSSION AND ANALYSIS 
 
This management's discussion and analysis ("MD&A") provides a detailed explanation of Antrim Energy Inc.'s (the 
"Company" or "Antrim") operating results for the fourth quarter and year ended December 31, 2015 compared to the 
same periods ended December 31, 2014 and should be read in conjunction with the audited consolidated financial 
statements of Antrim. This MD&A has been prepared using information available up to April 22, 2016. The audited 
consolidated financial statements of the Company have been prepared in accordance with International Financial 
Reporting Standards ("IFRS"). Unless otherwise noted all amounts are reported in United States ("US") dollars. 
 
Non-IFRS Measures 
 
Cash flow used in operations and cash flow used in operations per share do not have standard meanings under IFRS 
and may not be comparable to those reported by other companies. Antrim utilizes cash flow from operations to 
assess operational and financial performance, to allocate capital among alternative projects and to assess the 
Company's capacity to fund future capital programs. 
 
Cash flow used in operations is defined as cash flow used in operating activities before changes in working 
capital. Cash flow used in operations per share is calculated as cash flow used in operations divided by the 
weighted-average number of outstanding shares. Reconciliation of cash flow used in operations to its nearest 
measure prescribed by IFRS is provided below. 
 
 
                                                     Three Months Ended          Twelve Months Ended 
                                                            December 31                  December 31 
($000's)                                           2015            2014         2015            2014 
=--------------------------------------------------------------------------------------------------- 
Cash flow used in operating activities            (971)           (724)      (3,030)         (4,726) 
Less: change in non-cash working capital          (807)              91         (40)           (113) 
=--------------------------------------------------------------------------------------------------- 
Cash flow used in operations                      (164)           (815)      (2,990)         (4,613) 
=--------------------------------------------------------------------------------------------------- 
 
 
Overview of Continuing Operations 
 
Corporate 
 
Antrim, with its current cash resources, no debt and no decommissioning obligations, continues to maintain a 
strong financial position. Working capital at December 31, 2015 was US$9.6 million (CAD $0.07 per share), 
including cash of US$9.9 million. 
 
Antrim continues to search for M&A opportunities, using a structured approach in its evaluation. Key criteria 
include strategic fit, focus on near term appraisal / development, use of funds, transformative potential with 
upside potential for Antrim shareholders and current or near term cash flow. In a period of significant commodity 
price volatility, ensuring that the opportunity remains viable in a low oil and gas price environment is a key 
component in the evaluation. 
 
In Ireland, the Company has a 100% working interest in Frontier Exploration Licence ("FEL") 1/13, subject to 
finalization and government approval of the transfer of Kosmos Energy Ireland's ("Kosmos") interest to Antrim. 
Antrim was one of the first companies to realize the oil and gas potential in the southern Porcupine Basin. The 
Porcupine Basin is the conjugate basin to the eastern Canadian Orphan Basin/Flemish Pass area, where several 
significant oil discoveries have recently been made. Studies of these conjugate margins have demonstrated many 
similarities in terms of source rock, maturation, hydrocarbon migration, reservoir characteristics and trap 
formation. 
 
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. To move exploration of FEL 1/13 forward, Antrim is seeking 
to extend the first exploration phase of the licence as well as farm-out a portion of its interest in the licence 
to a new operator. In February 2016 the first round results of the Ireland 2015 Atlantic Margin Licensing Round 
were announced. In total, 14 new licensing options were awarded with successful participants including Eni, 
ExxonMobil, Statoil and BP, confirming very strong industry interest in this frontier exploration play. A second 
announcement of results from the licensing round is expected in May 2016. 
 
Ireland 
 
Frontier Exploration Licence ("FEL") 1/13, Antrim 100% 
 
In 2013, Kosmos farmed-in to Antrim's Licencing Option over the Skellig Block and acquired 75% interest in and 
operatorship of FEL 1/13 in exchange for carrying the full costs of a 3-D seismic programme and re-imbursement of 
a portion of Antrim's past exploration costs. Results from the subsequent 3-D seismic reinforced Antrim's 
interpretation based on 2-D seismic and strongly indicated the presence of Lower Cretaceous slope fan and channel 
deposits similar in geometry and seismic character to many of the recent Cretaceous oil discoveries offshore West 
Africa. The licence prospect inventory includes two tilted Jurassic fault blocks and a Cretaceous submarine fan, 
as well as several other leads. 
 
In September 2015, Antrim was advised by Kosmos of its intention to withdraw from all of its licence interests in 
Ireland to focus on other recent discoveries in their African portfolio. The Company has applied for and 
anticipates obtaining at no further cost a 100% working interest in and operatorship of the licence, subject to 
finalization and government approval of the transfer of Kosmos interest in FEL 1/13 to Antrim. 
 
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 pending government approval and agreement on an additional technical work program. The 
Company is also currently seeking a new farm-in partner and operator to complete any additional technical work 
necessary during the extension period with the ultimate goal that a well commitment could be made at the end of 
the revised first exploration phase. In the current commodity price environment the cost of drilling an 
exploration well on the licence has decreased considerably from when the licence was first awarded in 2013. As 
part of a farm-out transaction Antrim would seek a carry on the first exploration well. 
 
Fyne Licence 
 
P077 Block 21/28a - Fyne, Antrim 100% 
 
United Kingdom (UK) Seaward Licences require licensees to permanently abandon all suspended wells prior to licence 
expiry. In the third quarter of 2015 the Company successfully permanently plugged and abandoned three suspended 
wells on the Fyne Licence and one suspended well on the Erne Licence in the UK Central North Sea. The well 
abandonment campaign was completed as part of a larger abandonment programme allowing Antrim to share certain 
common costs offering significant cost savings. 
 
The Company is in discussion with the UK Oil and Gas Authority (OGA), formerly DECC, with respect to 
relinquishment and possible reapplication for the licence. The carrying value of the Fyne Licence at December 31, 
2015 is $nil (December 31, 2014 - $nil). 
 
Erne Licence 
 
P1875 Block 21/29d - Erne, Antrim 100% 
 
Previous discoveries on the Erne Licence are not commercial on their own, but may be economic to develop as tie- 
backs to an adjacent production facility if such a facility were available. Antrim's interest in the Erne licence 
increased to 100% after its partner withdrew from the licence following completion of the Erne well abandonment. 
The carrying value of the Erne Licence at December 31, 2015 is $nil (December 31, 2014 - $nil). 
 
 
Financial Discussion of Continuing Operations 
 
                                                        Three Months Ended       Twelve Months Ended 
                                                               December 31               December 31 
($000's except per share amounts)                        2015         2014         2015         2014 
=--------------------------------------------------------------------------------------------------- 
Financial Results 
=------------------------------------------------ 
Cash flow used in operations (1)                        (164)        (815)      (2,990)      (4,613) 
Cash flow used in operations per share (1)             (0.00)       (0.00)       (0.02)       (0.02) 
Net income (loss) - continuing operations               (169)        (751)        1,840      (6,497) 
Net income (loss) per share - basic, continuing 
operations                                             (0.00)       (0.00)         0.01       (0.04) 
Net income (loss)                                       (169)        (903)        1,840     (10,115) 
Net income (loss) per share - basic                    (0.00)       (0.00)         0.01       (0.05) 
Total assets                                           11,376       17,101       11,376       17,101 

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April 25, 2016 02:16 ET (06:16 GMT)

Working capital                                         9,617       15,064        9,617       15,064 
Capital expenditures - continuing operations               17           47          159          320 
 
Common shares outstanding 
=------------------------------------------------ 
End of period                                         184,731      184,731      184,731      184,731 
Weighted average - basic                              184,731      184,731      184,731      184,731 
Weighted average - diluted                            184,731      184,731      184,731      184,731 
Cash flow from operations and cash flow from operations per share are Non-IFRS Measures. Refer to 
"Non-IFRS Measures" in Management's Discussion and Analysis. 
 
 
General and Administrative 
 
General and administrative ("G&A") costs decreased to $2.3 million in 2015 compared to $5.4 million in 2014. The 
decrease in G&A is primarily due to severance costs included in wages and salaries in 2014 together with lower 
occupancy, administrative and travel expenses. G&A costs decreased to $0.4 million for the three month period 
ended December 31, 2015 compared to $1.5 million for the same period in 2014. The decrease in G&A is primarily due 
to severance costs in 2014 and overhead recoveries in 2015 associated with the abandonment program and previous 
expenditures. 
 
 
A breakdown of G&A expense is as follows: 
                                                       Three Months Ended        Twelve Months Ended 
                                                              December 31                December 31 
($000's)                                                2015         2014          2015         2014 
=--------------------------------------------------------------------------------------------------- 
Wages and salaries                                       214          978         1,099        3,157 
Occupancy                                                 69           86           309          404 
Administrative                                           224          391         1,017        1,750 
Travel                                                     2            7             4           23 
Overhead recovery                                       (69)            -         (179)           93 
=--------------------------------------------------------------------------------------------------- 
                                                         440        1,462         2,250        5,427 
=--------------------------------------------------------------------------------------------------- 
 
 
Exploration & Evaluation Expenditures 
 
Exploration and evaluation ("E&E") expenditures were a recovery of $1.9 million in 2015 compared to expenses of 
$1.1 million in 2014. The decrease is related to lower decommissioning costs incurred in 2015 following completion 
of the Fyne and Erne well abandonment program during the year. Due to the Fyne and Erne licences being fully 
impaired, adjustments to decommissioning obligations are booked to profit and loss. 
 
Finance Costs 
 
Finance costs were $19 thousand in 2015 compared to $58 thousand in 2014. Finance costs are primarily related to 
accretion of asset retirement obligations. 
 
Income Taxes 
 
The Company follows the liability method of accounting for income taxes. As at December 31, 2015, no deferred 
income tax assets were recorded due to uncertainty with respect to the ability of Antrim to generate sufficient 
taxable income to utilize the unrecognized losses. 
 
Cash Flow and Net Loss from Continuing Operations 
 
In 2015, cash flow used in operations was $3.0 million compared to cash flow used in operations of $4.6 million in 
2014. Cash flow used in operations decreased due to lower G&A costs and a $2.2 million foreign exchange gain in 
2015 as a result of a significant decline year to date in the value of the Canadian dollar relative to the US 
dollar, partially offset by actual decommissioning costs incurred in 2015. Excluding foreign exchange gains and 
losses, cash flows used in operations in 2015 decreased to $5.2 million compared to $5.5 million in 2014 due to a 
$3.2 million decrease in G&A costs partially offset by $3.0 million in actual decommissioning costs incurred in 
2015. 
 
In 2015, Antrim had net income from continuing operations of $1.8 million compared to a net loss from continuing 
operations of $6.5 million in 2014. Net income increased due to lower decommissioning obligations, foreign 
exchange gains and lower general and administrative costs. 
 
Foreign Exchange and Other Comprehensive Income (Loss) 
 
The reporting currency of the Company is the US dollar while the Company's operating costs and certain of the 
Company's payments in order to maintain property interests are made in the local currency of the jurisdiction 
where the applicable property is located. The Company's continuing activities in Canada, Ireland and United 
Kingdom are accounted for using the Canadian dollar, Euro and British pound sterling as the functional currency, 
respectively. As a result of these factors, fluctuations in these currencies relative to the US dollar could 
result in unanticipated fluctuations in the Company's financial results. The Company incurred a foreign exchange 
gain of $2.2 million in 2015 compared to a gain of $0.5 million in 2014. 
 
The Company reported other comprehensive loss of $2.4 million in 2015, compared to other comprehensive loss of 
$7.5 million in 2014. Other comprehensive loss decreased due to foreign currency translation adjustments on 
disposal of discontinued operations in 2014. 
 
Financial Discussion of Discontinued Operations 
 
Discontinued operations relate to the sale of Antrim's Causeway, Kerloch and Cormorant East assets structured as 
the sale of all of the issued and outstanding shares in Antrim Resources (N.I.) Limited (the "ARNIL Sale"). The 
ARNIL sale was completed on April 24, 2014 at which time the Company settled its outstanding obligations under its 
bank loan and oil swap agreements. In 2014, Antrim had a net loss from discontinued operations of $3.6 million. 
 
Financial Resources and Liquidity 
 
Antrim had a working capital surplus at December 31, 2015 of $9.6 million compared to a working capital surplus of 
$15.1 million as at December 31, 2014. Working capital decreased due to $2.3 million in general and administrative 
expenses and $3.0 million net to Antrim in actual decommissioning costs incurred in the year. 
 
Contractual Obligations, Commitments and Contingencies 
 
Antrim has several commitments in respect of its petroleum and natural gas properties and operating leases, 
including operating costs, as at December 31, 2015 as follows: 
 
 
                                                      2016          2017          2018    Thereafter 
=--------------------------------------------------------------------------------------------------- 
Office Leases                                          302           266             -             - 
Ireland                                                  -             -             -             - 
United Kingdom 
 Fyne                                                    -             -             -             - 
 Erne                                                   20             -             -             - 
=--------------------------------------------------------------------------------------------------- 
Total                                                  322           266             -             - 
=--------------------------------------------------------------------------------------------------- 
 
 
FEL 1/13 in Ireland has a 15 year term, with an initial three-year term followed by three four-year terms. The 
initial three year term of the FEL expires in early July 2016 and under the licence terms the work program to 
extend the licence into the second term must include the drilling of an exploration well. Antrim has submitted a 
request to extend the first exploration term by an additional two years pending government approval and agreement 
on an additional technical work program. 
 
Outlook 
 
The Company has been examining various strategic alternatives, including potential business combinations, to 
maximize shareholder value. The Company has also been actively engaged in reviewing various options that could 
lead to future development of its remaining appraised, but undeveloped UK oil and gas assets. Those assets were 
subject to material well abandonment obligations and created an obstacle in determining the Company's contribution 
toward a transaction. In September 2015, the Company eliminated uncertainty surrounding the abandonment liability 
by successfully completing the well abandonments at significant cost savings to previous estimates. 
 
From the start of the strategic review process, the Company established a clear set of objectives to avoid value 
destruction and maximize shareholder value. These criteria included but were not limited to: 
 
 
=-  broadening Antrim's portfolio with good strategic fit 
=-  focus on near term appraisal / development 
=-  clear use of funds 
=-  transformative with upside potential for Antrim shareholders 
=-  financially responsible going concern 
=-  ability to adjust scale / timing 
=-  current or near term cash flow 
 
 
To identify and evaluate opportunities the Company has been using its own internal resources as well as 
Carlingford, a division of GFI, as international financial advisers. Through this process, the Company has had 
contact with over 100 international oil and gas companies resulting in consideration of numerous opportunities and 
a further, more in-depth evaluation of over 15 possible transactions. Many companies in the junior oil and gas 
sector are enduring tough trading conditions with limited access to fresh equity or other sources of financing, 
which has only been exacerbated by the significant volatility and decline in oil prices. 
 
The Company continues to actively evaluate M&A opportunities using the criteria set out above. No assurance can be 

(MORE TO FOLLOW) Dow Jones Newswires

April 25, 2016 02:16 ET (06:16 GMT)

provided that a satisfactory opportunity will be identified and if one is identified, that a transaction could be 
closed on terms acceptable to the Company. 
 
The Company has submitted an application to extend the first exploration term of its Ireland licence by an 
additional two years, pending government approval and agreement on an additional technical work program. The 
Company is also seeking a new farm-in partner and operator to complete any additional technical work necessary 
during the extension period to further de-risk the identified leads and prospects on the licence. No assurance can 
be provided that an extension or farm-out of the Ireland licence can be concluded in a timely manner on terms 
acceptable to the Company. 
 
The Company will continue to manage its general and administrative expenses, and where possible, further cost 
reductions will be made to preserve the Company's resources. 
 
 
Summary of Quarterly Results 
 
                                                     Revenue,   Cash Flow                 Net Income 
                                                       Net of     Used in Net Income      (Loss) Per 
($000's, except per share amounts)                  Royalties  Operations     (Loss)   Share - Basic 
=--------------------------------------------------------------------------------------------------- 
                                                     (Note 1)    (Note 1) 
2015 
Fourth quarter                                              -       (164)      (169)          (0.00) 
Third quarter                                               -     (2,173)        736            0.00 
Second quarter                                              -     (1,122)        812            0.00 
First quarter                                               -         469        461            0.00 
                                                   ------------------------------------------------- 
                                                            -     (2,990)      1,840            0.01 
                                                   ------------------------------------------------- 
 
2014 
Fourth quarter                                              -       (815)      (903)          (0.00) 
Third quarter                                               -       (109)      (528)          (0.00) 
Second quarter                                              -     (2,510)      (223)          (0.00) 
First quarter                                               -     (1,179)    (8,461)          (0.05) 
                                                   ------------------------------------------------- 
                                                            -     (4,613)   (10,115)          (0.05) 
                                                   ------------------------------------------------- 
 
2013 
Fourth quarter                                              -     (1,836)   (21,212)          (0.11) 
Third quarter                                               -       (388)   (16,067)          (0.09) 
Second quarter                                              -     (2,934)        930            0.01 
First quarter                                               -     (3,368)    (2,853)          (0.02) 
                                                   ------------------------------------------------- 
                                                            -     (8,526)   (39,202)          (0.21) 
                                                   ------------------------------------------------- 
Note 1: Continuing operations only 
 
 
Key factors relating to the comparison of net loss for the fourth quarter of 2015 to previous quarters are as 
follows: 
 
 
=-  In the third quarter of 2015, the Company recognized a $1.1 million 
    foreign exchange gain as a result of a significant decrease in the value 
    of the Canadian dollar relative to the US dollar; 
=-  In the second quarter of 2015, the Company recognized a $1.7 million 
    recovery of E&E costs following lower expected decommissioning 
    obligations associated with signing the OIS contract in June 2015; 
=-  In the first quarter of 2015, the Company recognized a $1.2 million 
    foreign exchange gain as a result of a significant decrease in the value 
    of the Canadian dollar relative to the US dollar; 
=-  In the fourth quarter of 2014, the Company incurred $0.7 million in 
    severance to an executive who exercised an option to voluntarily 
    terminate employment upon closing of the ARNIL sale; 
=-  In the second quarter of 2014, the Company recognized a $5.2 million 
    gain on disposal of assets primarily with respect to the recognition in 
    income of foreign currency translation adjustments previously included 
    in accumulated other comprehensive income; 
=-  In the first quarter of 2014, the Company incurred $7.6 million in 
    finance costs and loss on financial derivative related to the Company's 
    bank loan and oil hedge obligations; 
=-  In the fourth quarter of 2013, the Company recognized a $14.6 million 
    impairment charge on assets held for sale; and 
=-  In the third quarter of 2013, the Company recognized a $12.1 million 
    impairment charge with respect to delays and cost overruns for the 
    Causeway Field. 
 
 
Risks and Uncertainties 
 
The oil and gas industry involves a wide range of risks which include but are not limited to the uncertainty of 
finding new commercial fields, securing markets for existing reserves, commodity price fluctuations, exchange and 
interest rate costs and changes to government regulations, including regulations relating to prices, taxes, 
royalties, land tenure, allowable production and environmental protection and access to off-shore production 
facilities. The oil and natural gas industry is intensely competitive and the Company competes with a large number 
of companies that have greater resources. 
 
Substantial Capital Requirements 
 
The Company's ability to establish reserves in the future will depend not only on its ability to develop its 
present properties but also on its ability to select and acquire suitable exploration or producing properties or 
prospects. The acquisition and development of properties also requires that sufficient funds, including funds from 
outside sources, will be available in a timely manner. The availability of equity or debt financing is affected by 
many factors, many of which are outside the control of the Company. World financial market events and the 
resultant negative impact on economic conditions, particularly with respect to junior oil and gas companies, have 
increased the risk and uncertainty of the availability of equity or debt financing. 
 
Foreign Operations 
 
A number of risks are associated with conducting foreign operations over which the Company has no control, 
including currency instability, potential and actual civil disturbances, restriction of funds movement outside of 
these countries, changes of laws affecting foreign ownership and existing contracts, environmental requirements, 
crude oil and natural gas price and production regulation, royalty rates, OPEC quotas, potential expropriation of 
property without fair compensation and retroactive tax changes. 
 
Further discussions regarding the Company's risks and uncertainties, can be found in the Company's Annual 
Information Form dated April 22, 2016 which is filed on SEDAR at www.sedar.com. 
 
Forward-Looking and Cautionary Statements 
 
This MD&A contains certain forward-looking statements and forward-looking information which are based on Antrim's 
internal reasonable expectations, estimates, projections, assumptions and beliefs as at the date of such 
statements or information. Forward-looking statements often, but not always, are identified by the use of words 
such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting", "forecast", "achieve" and 
"intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved 
and other similar expressions. These statements are not guarantees of future performance and involve known and 
unknown risks, uncertainties, assumptions and other factors that may cause actual results or events to differ 
materially from those anticipated in such forward-looking statements and information. Antrim believes that the 
expectations reflected in those forward-looking statements and information are reasonable but no assurance can be 
given that these expectations will prove to be correct and such forward-looking statements and information 
included in this MD&A should not be unduly relied upon. Such forward-looking statements and information speak only 
as of the date of this MD&A and Antrim does not undertake any obligation to publicly update or revise any forward- 
looking statements or information, except as required by applicable laws. 
 
This MD&A may contain specific forward-looking statements and information pertaining to Antrim's plans for 
exploring and developing its licences, including exploration of the Skellig block, the anticipated increase of 
Antrim's working interest in the Skellig block to 100%, potential transactions, commodity prices, foreign currency 
exchange rates and interest rates, capital expenditure programs and other expenditures, supply and demand for oil, 
NGLs and natural gas, expectations regarding Antrim's ability to raise capital or pursue farm-out opportunities, 
to continually add to reserves through acquisitions and development, the schedules and timing of certain projects, 
Antrim's strategy for growth, Antrim's future operating and financial results, treatment under governmental and 
other regulatory regimes and tax, environmental and other laws. 
 
With respect to forward-looking statements contained in this MD&A, Antrim has made assumptions regarding: Antrim's 
ability to obtain additional drilling rigs and other equipment in a timely manner, obtain regulatory approvals 
(including for the Skellig block), the consideration received in Antrim's sale of its Causeway asset will not 

(MORE TO FOLLOW) Dow Jones Newswires

April 25, 2016 02:16 ET (06:16 GMT)

change materially as a result of post-closing adjustments, the level of future capital expenditure required to 
exploit and develop resources and Antrim's reliance on industry partners for the development of some of its 
properties, the general stability of the economic and political environment in which Antrim operates and the 
future of oil and natural gas pricing. In respect to these assumptions, the reader is cautioned that assumptions 
used in the preparation of such information may prove to be incorrect. 
 
Antrim's actual results could differ materially from those anticipated in these forward-looking statements and 
information as a result of assumptions proving inaccurate and of both known and unknown risks, including risks 
associated with the exploration for and development of oil and natural gas reserves such as the risk that drilling 
operations may not be successful, unanticipated delays with respect to the development of Antrim's properties, 
operational risks and liabilities that are not covered by insurance, volatility in market prices for oil, NGLs and 
natural gas, changes or fluctuations in oil, NGLs and natural gas production levels, changes in foreign currency 
exchange rates and interest rates, the ability of Antrim to fund its capital requirements, Antrim's reliance on 
industry partners for the development of some of its properties, risks associated with ensuring title to the 
Company's properties, liabilities and unexpected events inherent in oil and gas operations, including geological, 
technical, drilling and processing problems, the risk that the consideration from the ARNIL Sale is reduced as a 
result of post-closing adjustments and the accuracy of oil and gas resource estimates as they are affected by the 
Antrim's exploration and development drilling. Additional risks include the ability to effectively compete for, 
among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel, incorrect 
assessments of the value of acquisitions, Antrim's success at acquisition, exploitation and development of 
reserves, changes in general economic, market and business conditions in Canada, North America, Ireland, the 
United Kingdom, Europe and worldwide, actions by governmental or regulatory authorities including changes in 
income tax laws or changes in tax laws, royalty rates and incentive programs relating to the oil and gas industry 
and more specifically, changes in environmental or other legislation applicable to Antrim's operations, and 
Antrim's ability to comply with current and future environmental and other laws, adverse regulatory rulings, order 
and decisions and risks associated with the nature of the Common Shares. 
 
Many of these risk factors, other specific risks, uncertainties and material assumptions are discussed in further 
detail throughout this MD&A and in Antrim's Annual Information Form for the year ended December 31, 2015. Readers 
are specifically referred to the risk factors described in this MD&A under "Risks and Uncertainties" and in other 
documents Antrim files from time to time with securities regulatory authorities. Copies of these documents are 
available without charge from Antrim or electronically on the internet on Antrim's SEDAR profile at www.sedar.com. 
Readers are cautioned that this list of risk factors should not be construed as exhaustive. 
 
In accordance with AIM guidelines, Mr. Murray Chancellor, C. Eng., MICE and Managing Director, United Kingdom for 
Antrim, is the qualified person that has reviewed the technical information contained in this MD&A. Mr. Chancellor 
has over 26 years operating experience in the upstream oil and gas industry. 
 
Consolidated Financial Statements of 
 
Antrim Energy Inc. 
 
As at and for the years ended December 31, 2015 and 2014 
 
April 22, 2016 
 
Independent Auditor's Report 
 
To the Shareholders of Antrim Energy Inc. 
 
We have audited the accompanying consolidated financial statements of Antrim Energy Inc. and its subsidiaries, 
which comprise the consolidated balance sheets as at December 31, 2015 and December 31, 2014 and the consolidated 
statements of comprehensive loss, changes in equity and cash flows for the years then ended, and the related 
notes, which comprise a summary of significant accounting policies and other explanatory information. 
 
Management's responsibility for the consolidated financial statements 
 
Management is responsible for the preparation and fair presentation of these consolidated financial statements in 
accordance with International Financial Reporting Standards, and for such internal control as management 
determines is necessary to enable the preparation of consolidated financial statements that are free from material 
misstatement, whether due to fraud or error. 
 
Auditor's responsibility 
 
Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We 
conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require 
that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about 
whether the consolidated financial statements are free from material misstatement. 
 
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the 
consolidated financial statements. The procedures selected depend on the auditor's judgment, including the 
assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or 
error. In making those risk assessments, the auditor considers internal control relevant to the entity's 
preparation and fair presentation of the consolidated financial statements in order to design audit procedures 
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness 
of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies 
used and the reasonableness of accounting estimates made by management, as well as evaluating the overall 
presentation of the consolidated financial statements. 
 
We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis 
for our audit opinion. 
 
Opinion 
 
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial 
position of Antrim Energy Inc. and its subsidiaries as at December 31, 2015 and December 31, 2014 and their 
financial performance and their cash flows for the years then ended in accordance with International Financial 
Reporting Standards. 
 
PricewaterhouseCoopers LLP 
Chartered Professional Accountants 
111 5th Avenue SW, Suite 3100, Calgary, Alberta, Canada T2P 5L3 
T: +1 403 509 7500, F:+1 403 781 1825, www.pwc.com/ca 
(i)PwC(i) refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership. 
 
 
Antrim Energy Inc. 
Consolidated Balance Sheets 
As at December 31, 2015 and 2014 
(Amounts in US$ thousands) 
 
                                                                          December 31    December 31 
                                                                  Note           2015           2014 
                                                                       ----------------------------- 
Assets 
  Current assets 
    Cash and cash equivalents                                                   9,895         15,420 
    Restricted cash                                                                12             12 
    Accounts receivable                                                            49            163 
    Prepaid expenses                                                              107            205 
                                                                       ----------------------------- 
                                                                               10,063         15,800 
 
Property, plant and equipment                                        4              6             18 
Exploration and evaluation assets                                    5          1,307          1,283 
                                                                       ----------------------------- 
 
                                                                               11,376         17,101 
                                                                       ----------------------------- 
Liabilities 
  Current liabilities 
    Accounts payable and accrued liabilities                                      446            736 
                                                                       ----------------------------- 
                                                                                  446            736 
                                                                       ----------------------------- 
 
Decommissioning obligations                                          6              -          4,913 
                                                                       ----------------------------- 
                                                                                  446          5,649 
                                                                       ----------------------------- 
 
Shareholders' equity 
Share capital                                                        7        361,922        361,922 
Contributed surplus                                                            21,930         21,892 
Accumulated other comprehensive loss                                          (5,237)        (2,837) 
Deficit                                                                     (367,685)      (369,525) 
                                                                       ----------------------------- 
 
                                                                               10,930         11,452 
                                                                       ----------------------------- 
 

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Total Liabilities and Shareholders' Equity                                     11,376         17,101 
                                                                       ----------------------------- 
 
Commitments and contingencies                                       13 
 
 
The accompanying notes are an integral part of the consolidated financial statements. 
 
Approved on behalf of the Board of Directors of Antrim Energy Inc.: 
 
 
             Stephen Greer                                       Erik Mielke 
=---------------------------------------          ---------------------------------------- 
                Director                                          Director 
 
Antrim Energy Inc. 
Consolidated Statements of Comprehensive Loss 
For the years ended December 31, 2015 and 2014 
(Amounts in US$ thousands, except per share data) 
 
                                                                        Note        2015        2014 
                                                                             ----------------------- 
 
Revenue                                                                                -           - 
 
Expenses 
General and administrative                                                10       2,250       5,427 
Depletion and depreciation                                                 4          11          42 
Share-based compensation                                                   8          38         365 
Exploration and evaluation                                                 6     (1,892)       1,099 
Finance income                                                                      (29)        (26) 
Finance costs                                                                         19          58 
Foreign exchange (gain)                                                          (2,237)       (472) 
                                                                             ----------------------- 
Income (loss) from continuing operations before income                             1,840     (6,493) 
taxes 
Income tax expense                                                                     -         (4) 
                                                                             ----------------------- 
Income (loss) from continuing operations after income                              1,840     (6,497) 
taxes 
Income (loss) from discontinued operations                                16           -     (3,618) 
                                                                             ----------------------- 
Net income (loss) for the year                                                     1,840    (10,115) 
                                                                             ----------------------- 
 
Other comprehensive income 
Items that may be subsequently reclassified to profit or loss: 
  Foreign currency translation adjustment                                        (2,400)       (604) 
Items reclassified to profit or loss: 
  Foreign currency translation adjustment - disposal                                   -     (6,906) 
                                                                             ----------------------- 
Other comprehensive loss for the year                                            (2,400)     (7,510) 
                                                                             ----------------------- 
Comprehensive loss for the year                                                    (560)    (17,625) 
                                                                             ----------------------- 
 
Net income (loss) per common share 
Basic and diluted - continuing operations                                  9        0.01      (0.04) 
Basic and diluted - discontinued operations                                9           -      (0.02) 
 
 
The accompanying notes are an integral part of the consolidated financial statements. 
 
 
Antrim Energy Inc. 
Consolidated Statements of Cash Flows 
For the years ended December 31, 2015 and 2014 
(Amounts in US$ thousands) 
 
                                                                        Note        2015        2014 
                                                                             ----------------------- 
Operating Activities 
Income (loss) from continuing operations after income taxes                        1,840     (6,497) 
Items not involving cash: 
  Depletion and depreciation                                               4          11          42 
  Share-based compensation                                                 8          38         365 
  Accretion of decommissioning obligations                                 6          12          49 
  Non-cash items included in exploration and evaluation                    6     (1,892)       1,056 
  expenditures 
  Foreign exchange loss                                                                -         372 
Change in non-cash working capital items - continuing                               (40) 
operations                                                                11                   (113) 
Decommissioning costs incurred                                                   (2,999)           - 
                                                                             ----------------------- 
Cash provided by (used in) operating activities - continuing 
operations                                                                       (3,030)     (4,726) 
Cash provided by (used in) operating activities - discontinued                         - 
operations                                                                                     2,031 
                                                                             ----------------------- 
Cash provided by (used in) operating activities                                  (3,030)     (2,695) 
                                                                             ----------------------- 
 
Financing Activities 
Payments on long-term debt facility                                                    -    (24,650) 
Financial derivative settlements                                                       -    (11,452) 
                                                                             ----------------------- 
Cash provided by (used in) financing activities - 
discontinued operations                                                                -    (36,102) 
                                                                             ----------------------- 
 
Investing Activities 
Exploration and evaluation assets additions                                        (159)       (320) 
Change in restricted cash                                                              -        (11) 
Cash proceeds from disposal of assets                                     16           -      57,293 
                                                                             ----------------------- 
Cash used in investing activities - continuing operations                          (159)      56,962 
Cash used in investing activities - discontinued operations                            -     (2,981) 
                                                                             ----------------------- 
Cash provided by (used in) investing activities                                    (159)      53,981 
                                                                             ----------------------- 
 
Effects of foreign exchange on cash and cash equivalents                         (2,336)       (846) 
                                                                             ----------------------- 
 
Net increase (decrease) in cash and cash equivalents                             (5,525)      14,338 
Cash and cash equivalents - beginning of year                                     15,420       1,082 
                                                                             ----------------------- 
Cash and cash equivalents - end of year                                            9,895      15,420 
                                                                             ----------------------- 
 
 
The accompanying notes are an integral part of the consolidated financial statements. 
 
 
Antrim Energy Inc. 
Consolidated Statements of Changes in Equity 
For the years ended December 31, 2015 and 2014 
(Amounts in US$ thousands) 
 
                                                                 Accumulated 
                                                                       Other 
                                       Share     Contributed   Comprehensive 
                           Note      Capital         Surplus            Loss     Deficit       Total 
                                -------------------------------------------------------------------- 
Balance, December 31,                361,922          21,527           4,673   (359,410)      28,712 
2013 
Net loss for the year                      -               -               -    (10,115)    (10,115) 
Other comprehensive loss                   -               -         (7,510)           -     (7,510) 
Share-based compensation      8            -             365               -           -         365 
                                -------------------------------------------------------------------- 
Balance, December 31, 
2014                                 361,922          21,892         (2,837)   (369,525)      11,452 
                                -------------------------------------------------------------------- 
 
Balance, December 31,                361,922          21,892         (2,837)   (369,525)      11,452 
2014 
Net income for the year                    -               -               -       1,840       1,840 
Other comprehensive loss                   -               -         (2,400)           -     (2,400) 
Share-based compensation      8            -              38               -           -          38 

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                                -------------------------------------------------------------------- 
Balance, December 31, 
2015                                 361,922          21,930         (5,237)   (367,685)      10,930 
                                -------------------------------------------------------------------- 
 
 
The accompanying notes are an integral part of the consolidated financial statements. 
 
Antrim Energy Inc. 
Notes to Consolidated Financial Statements 
For the years ended December 31, 2015 and 2014 
(Amounts in US$ thousands) 
 
1. Nature of Operations 
 
Antrim Energy Inc. ("Antrim" or the "Company") is a Calgary based oil and natural gas company. Through 
subsidiaries, the Company conducts exploration activities in the United Kingdom and Ireland. Antrim Energy Inc. is 
incorporated and domiciled in Canada. The Company's common shares are listed on the TSX Venture Exchange ("TSXV") 
and the London AIM market ("AIM") under the symbols "AEN" and "AEY", respectively. The address of its registered 
office is 1600, 333 - 7th Avenue S.W, Calgary, Alberta, Canada. 
 
The Company entered into an agreement on February 7, 2014 to sell its UK subsidiary, Antrim Resources (N.I.) 
Limited ("ARNIL") for $53 million in cash, plus the assumption of certain liabilities and adjusted working 
capital, from which Antrim would settle on closing all outstanding obligations under its Payment and Oil Swap 
agreements. On April 24, 2014 the Company completed the sale of ARNIL and settled its outstanding obligations 
under its Payment and Oil Swap agreements (see note 16). 
 
2. Basis of Presentation 
 
a) Statement of compliance 
 
The consolidated financial statements have been prepared in accordance with IFRS as issued by the International 
Accounting Standards Board ("IASB"). The policies applied in these consolidated financial statements are based on 
IFRS issued and outstanding as at April 22, 2016, the date the Board of Directors approved the annual consolidated 
financial statements. 
 
The consolidated financial statements have been prepared on the historical cost basis, except as explained in note 
3, Summary of Significant Accounting Policies. Historical cost is generally based on the fair value of the 
consideration given in exchange for the assets. The accounting policies described in note 3 have been applied 
consistently to all periods presented in these financial statements. 
 
b) Presentation currency 
 
In these consolidated financial statements, unless otherwise indicated, all dollar amounts are expressed in United 
States ("US") dollars. The Company has adopted the US dollar as its presentation currency to facilitate a more 
direct comparison to North American oil and gas companies with international operations. 
 
c) Critical accounting judgments and key sources of estimation uncertainty 
 
In the application of the Company's accounting policies, management is required to make judgments, estimates and 
assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The 
estimates and underlying assumptions are reviewed on an ongoing basis. The estimates and associated assumptions 
are based on historical experience and other factors, including expectations of future events that are believed to 
be reasonable under the circumstances. Actual results may differ from these estimates. 
 
The following are the critical judgments and estimates that management has made in the process of applying the 
Company's accounting policies and that have the most significant effect on the amounts recognized in the financial 
statements: 
 
Estimation of reserve and resource quantities 
 
Depletion, impairment and decommissioning charges are dependent on the Company's estimate of oil and gas reserves. 
The estimation of reserves is an inherently complex process and involves the exercise of professional judgment. 
 
Oil and gas reserve and resource estimates are based on a range of geological, technical and economic factors 
including projected future rates of production, estimated commodity prices, engineering data, reserve type and 
timing and amount of future expenditures, all of which are subject to uncertainty. Assumptions reflect market and 
regulatory conditions existing at the balance sheet date, which could differ significantly from other points in 
time throughout the year, or future periods. Changes in market and regulatory conditions and assumptions can 
materially impact the estimation of net reserves. 
 
Recoverability of exploration and evaluation costs 
 
Exploration and evaluation costs are initially capitalized with the intent to establish commercially viable 
reserves. The Company is required to make estimates and judgments about future events and circumstances regarding 
the economic viability of extracting the underlying resources. The costs are subject to technical, commercial and 
management review to confirm the continued intent to develop and extract the underlying resources. Fluctuations in 
future commodity prices, resource quantities, expected production techniques, drilling results, production costs 
and required capital expenditures are important factors when making this determination. If a judgment is made that 
extraction of the reserves is not viable, the exploration and evaluation costs will be written off to net 
earnings. See note 5. 
 
Decommissioning obligations 
 
The Company recognizes liabilities for the future decommissioning and restoration of property, plant and 
equipment. These provisions are based on estimated costs, which take into account the anticipated method and 
extent of restoration consistent with legal requirements, technological advances and the possible use of the site. 
Actual costs are uncertain and estimates can vary as a result of changes to relevant laws and regulations, the 
emergence of new technology, operating experience and prices. The actual timing of future decommissioning and 
restoration is not known and may change due to certain factors, including reserve life. Changes to assumptions 
made about future expected costs, discount rates, inflation and timing may have a material impact on the amounts 
presented. The Company has chosen to measure decommissioning obligations using a risk-free discount rate. See note 
6. 
 
Fair value of share-based compensation 
 
The fair value of share-based compensation is calculated using a Black-Scholes option-pricing model. There are a 
number of estimates used in the calculation such as future forfeiture rate, expected option life and the future 
price volatility of the underlying security which can vary from actual future events. The factors applied in the 
calculation are management's best estimates based on historical information and future forecasts. See note 8. 
 
Deferred income taxes 
 
Deferred tax assets are recognized when it is considered probable that deductible temporary differences will be 
recovered in the foreseeable future. To the extent that future taxable income and the application of existing tax 
laws in each jurisdiction differ significantly from the Company's estimate, the ability of the Company to realize 
the deferred tax assets could be impacted. 
 
3. Summary of Significant Accounting Policies 
 
The following significant accounting policies have been adopted in the preparation and presentation of the 
consolidated financial statements: 
 
a) Basis of consolidation 
 
These consolidated financial statements incorporate the financial statements of the Company and entities 
controlled by the Company. Control is achieved where the Company has the power to govern the financial and 
operating policies of the entity so as to obtain benefits from its activities. The financial statements of 
subsidiaries are included in the consolidated financial statements from the date that control commences until the 
date that control ceases. All intra-company transactions, balances, income and expenses are eliminated on 
consolidation. 
 
b) Foreign currency translation 
 
Items included in the financial statements of each of the Company's consolidated subsidiaries are measured using 
the currency of the primary economic environment in which the subsidiary operates ("the functional currency"). The 
consolidated financial statements are presented in US dollars ("the presentation currency"). 
 
In preparing the financial statements of the Company's subsidiaries, transactions in currencies other than the 
entity's functional currency are recorded at the rates of exchange prevailing on the date of the transaction. 
Monetary assets and liabilities denominated in foreign currencies are translated to the appropriate functional 
currency at foreign exchange rates at the balance sheet date. Foreign exchange differences arising on translation 
are recognized in earnings. Non-monetary assets that are measured at historical cost in a foreign currency are 
translated using the exchange rate at the date of the transactions. 
 
The results and financial position of all the Company's consolidated subsidiaries that have a functional currency 
different from the presentation currency are translated into the presentation currency as follows: 
 
 
i.  assets and liabilities for each balance sheet presented are translated 
    at the closing rate at the date of that balance sheet; 
ii. income and expenses for each year are translated at average exchange 
    rates ; and 
iii.all resulting exchange differences are recognized in a separate 
    component of equity called 'accumulated other comprehensive income'. 
 
 
When a foreign operation is disposed of, a proportionate share of the cumulative exchange differences previously 
recognized in other comprehensive income is recognized in the statement of loss, as part of the gain or loss on 
sale where applicable. 
 
c) Jointly controlled operations and jointly controlled assets 
 
A significant portion of the Company's operations are conducted with others and involve jointly controlled assets. 
The consolidated financial statements reflect only the Company's interest in such activities and assets or 
liabilities. 
 

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d) Oil and natural gas exploration and evaluation expenditures 
 
Pre-licence costs 
 
Costs incurred prior to obtaining the legal right to explore for hydrocarbon resources are expensed in the period 
in which they are incurred. 
 
Exploration and evaluation costs 
 
Exploration and evaluation assets are stated at cost, less accumulated impairment losses. 
 
Once the legal right to explore has been acquired, costs directly associated with an exploration well are 
capitalized as exploration and evaluation assets until the drilling of the well is complete and the results have 
been evaluated. These costs include licence costs, geological and geophysical costs, employee remuneration, 
materials and fuel used, rig costs and payments made to contractors. If no reserves are found, the exploration 
asset is tested for impairment. If extractable hydrocarbons are found and, subject to further appraisal activity 
(e.g. by drilling further wells), are likely to be developed commercially, the costs continue to be carried as 
exploration and evaluation assets while sufficient and continued progress is made in assessing the commerciality 
of the hydrocarbons. All such costs are subject to technical, commercial and management review as well as review 
for impairment indicators at each period end to confirm the continued intent to develop or otherwise extract value 
from the discovery. When this is no longer the case, the costs are written off. When proved and probable reserves 
of oil are determined and development is sanctioned, the relevant expenditure is transferred to oil and gas 
properties after impairment is assessed and any resulting impairment loss is recognized. 
 
e) Property, plant and equipment 
 
Property, plant and equipment are stated at cost, less accumulated depreciation and accumulated impairment losses. 
 
The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to 
bringing the asset into operation, the initial estimate of the decommissioning obligations and borrowing costs for 
qualifying assets. Expenditures on the construction, installation or completion of infrastructure facilities such 
as platforms, pipelines and the drilling and completion of development wells, including unsuccessful development 
or delineation wells, is capitalized within property, plant and equipment. The purchase price or construction cost 
is the aggregate amount paid and the fair value of any other consideration given to acquire the asset. The 
capitalized value of a finance lease is also included within property, plant and equipment. 
 
Depletion and depreciation 
 
Oil and gas assets within property, plant and equipment are depleted on a unit-of-production basis over the proved 
and probable reserves of the field concerned. The unit-of-production rate for the amortization of field 
development costs takes into account expenditures incurred to date, together with sanctioned future development 
expenditure. 
 
Other property, plant and equipment are generally depreciated on a straight-line basis over its estimated useful 
lives, as follows: 
 
 
Office equipment                                  5 years 
Computer hardware and software                    3 years 
 
 
f) Impairment of non-financial assets 
 
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any 
indication exists the Company estimates the asset's recoverable amount. An asset's recoverable amount is the 
higher of an asset's or CGU's fair value less cost of disposal to sell and its value-in-use and is determined for 
an individual asset, unless the asset does not generate cash inflows that are largely independent of those from 
other assets or groups of assets. If the carrying amount of an asset or CGU exceeds its recoverable amount, the 
asset or CGU is considered impaired and is written down to its recoverable amount. In assessing value-in-use, the 
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects 
current market assessments of the time value of money and the risks specific to the asset. In determining fair 
value less cost of disposal, recent market transactions are taken into account, if available. If no such 
transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by 
valuation multiples or other available fair value indicators. 
 
Impairment losses are recognized in the consolidated statement of loss and comprehensive loss. An assessment is 
made at each reporting date as to whether there is any indication that previously recognized impairment losses may 
no longer exist or may have decreased. If such indication exists, the Company estimates the asset's or cash- 
generating unit's recoverable amount. A previously recognized impairment loss is reversed only if there has been a 
change in the assumptions used to determine the asset's recoverable amount since the last impairment loss was 
recognized. 
The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor 
exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been 
recognized for the asset in prior years. 
 
g) Financial assets 
 
Financial assets are measured at fair value on the balance sheet upon initial recognition of the instrument. 
Subsequent measurement and changes in fair value will depend on initial classification, as follows: 
 
 
i.  fair value through profit or loss financial assets and liabilities, 
    classified as held for trading or designated as fair value through 
    profit or loss, are measured at fair value and subsequent changes in 
    fair value are recognized in income; 
ii. loans and receivables are non-derivative financial assets with fixed or 
    determinable payments that are not quoted in an active market; 
iii.available-for-sale financial instruments are measured at fair value with 
    changes in fair value recorded in equity until the instrument or a 
    portion thereof is derecognized or impaired at which time the amounts 
    would be recognized in income; and 
iv. held to maturity financial assets and loans and receivables are 
    initially measured at fair value with subsequent measurement at 
    amortized cost using the effective interest rate method. The effective 
    interest rate method calculates the amortized cost of a financial asset 
    and allocates interest income or expense over the applicable period. The 
    rate used discounts the estimated future cash flows over either the 
    expected life of the financial asset or liability or a shorter time- 
    frame if it's deemed appropriate. 
 
 
Antrim's current classifications are as follows: 
 
 
    i.  cash and cash equivalents are designated as loans and receivables; 
    i.  restricted cash is designated as loans and receivables; and 
    i.  accounts receivable are designated as loans and receivables. 
 
 
h) Financial liabilities 
 
Financial liabilities within the scope of IAS 39 Financial Instruments: Recognition and Measurement 
("IAS 39") are classified as financial liabilities at fair value through profit or loss or as other financial 
liabilities at amortized cost, as appropriate. The Company determines the classification of its financial 
liabilities at initial recognition. 
 
All financial liabilities are recognized initially at fair value and in the case of loans and borrowings, plus 
directly attributable transaction costs. The Company's financial liabilities include accounts payable which is 
classified as other financial liabilities at amortized cost. 
 
Derecognition 
 
A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. 
 
i) Cash and cash equivalents 
 
Cash and cash equivalents include cash on hand, deposits held with banks and other short-term highly liquid 
investments with original maturities of three months or less. 
 
j) Assets held for sale 
 
Non-current assets, or disposal groups consisting of assets and liabilities, are classified as held for sale if 
their carrying amounts will be recovered through a sale transaction rather than through continuing use. This 
condition is met when the sale is highly probably and the asset is available for immediate sale in its present 
condition. 
 
Non-current assets classified as held for sale are measured at the lower of the carrying amount and fair value 
less costs to sell, with impairments recognized in net earnings in the period measured. 
 
Non-current assets and disposal groups held for sale are presented in current assets and liabilities within the 
consolidated balance sheet. Assets held for sale are not depreciated, depleted or amortized. 
 
Income and expenses related to discontinued operations are classified as income (loss) from discontinued 
operations within the consolidated statements of comprehensive loss and the cash flows. 
 
k) Provisions 
 
General 
 
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past 
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the 
obligation and a reliable estimate can be made of the amount of the obligation. Where the Company expects some or 
all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as 
a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is 
presented in the income statement net of any reimbursement. If the effect of the time value of money is material, 
provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the 
liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a 
finance cost. 
 
Decommissioning obligations 
 
Decommissioning obligations are recognized when the Company has a present legal or constructive obligation as a 

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result of past events, it is probable that an outflow of resources will be required to settle the obligation and a 
reliable estimate of the amount of obligation can be made. A corresponding amount equivalent to the provision is 
also recognized as part of the cost of the relevant asset category to which they relate. The amount recognized is 
the estimated cost of decommissioning, discounted to its present value using a risk-free interest rate. 
 
Changes in the estimated timing or cost of decommissioning are dealt with prospectively by recording an adjustment 
to the provision, and a corresponding adjustment to the relevant asset category. The unwinding of the discount on 
the decommissioning obligations is included as a finance cost. 
 
l) Taxes 
 
Current income tax 
 
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the 
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or 
substantively enacted, by the reporting date, in the countries where the Company operates and generates taxable 
income. 
 
Current income tax relating to items recognized directly in equity is recognized in equity and not in the income 
statement. Management periodically evaluates positions taken in the tax returns with respect to situations in 
which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. 
 
Deferred tax 
 
The Company follows the liability method of accounting for income taxes. Under this method, income tax assets and 
liabilities are recognized for the estimated tax consequences attributable to differences between the amounts 
reported in the financial statements and their respective tax bases, using enacted or substantially enacted tax 
rates expected to apply when the asset is realized or the liability settled. Deferred tax assets are only 
recognized to the extent it is more likely than not that sufficient future taxable income will be available to 
allow the future income tax asset to be realized. 
 
m) Revenue recognition 
 
Revenue is recognized when it is probable that the economic benefits associated with a transaction will flow to 
the Company and the amount of the revenue can be measured reliably and collectability is reasonably assured. In 
particular, revenue from the production and sale of crude oil is recognized when the title has been transferred to 
customers, which is when risk and rewards pass to the customer. This occurs when product is physically transferred 
into a shipping vessel. 
 
Deferred revenue is recognized when cash is received and no crude oil has been lifted from the terminal therefore 
title and risk has not been transferred to the buyer. 
 
For all financial instruments measured at amortized cost and interest bearing financial assets classified as 
available-for-sale, interest income or expense is recorded using the effective interest rate, which is the rate 
that exactly discounts the estimated future cash payments or receipts through the expected life of the financial 
instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. 
Interest income is included in finance income in the statement of comprehensive loss. 
 
n) Share-based compensation 
 
Equity-settled share-based compensation to directors, employees and others providing similar services are measured 
at the fair value of the equity instruments at the grant date. 
 
The fair value determined at the grant date of the equity-settled share-based compensation is expensed on a graded 
basis over the vesting period, based on the Company's estimate of equity instruments that will eventually vest. At 
the end of each reporting period, the Company revises its estimate of the number of equity instruments expected to 
vest. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the 
cumulative expense reflects the revised estimate, with a corresponding adjustment to contributed surplus. 
 
o) Earnings (loss) per share 
 
Basic earnings (loss) per share is computed by dividing the net earnings (loss) available to common shareholders 
by the weighted average number of shares outstanding during the reporting year. Diluted earnings (loss) per share 
is computed in a similar way to basic earnings (loss) per share except that the weighted average shares 
outstanding are increased to include additional shares for the assumed exercise of stock options and warrants, if 
dilutive. The number of additional shares is calculated by assuming that outstanding stock options were exercised 
and that the proceeds from such exercises were used to acquire common stock at the average market price during the 
reporting periods. 
 
p) Share capital 
 
Common shares are classified as equity. Incremental costs directly attributable to the issuance of shares are 
recognized as a deduction from equity. 
 
q) New standards and interpretations not yet adopted 
 
The following new standards are not yet effective and have not been applied in preparing these interim 
consolidated financial statements: 
 
IFRS 9, Financial Instruments, which will replace IAS 39, Financial Instruments: Recognition and Measurement, will 
become mandatory effective for annual periods beginning on or after January 1, 2018. The complete standard was 
issued in July 2014, and the Company does not intend to early adopt the standard in its consolidated financial 
statements. IFRS 9 provides revised guidance on the classification and measurement of financial assets and 
introduces a new expected credit loss model for calculating impairment. IFRS 9 (2014) also incorporates the final 
general hedge accounting requirements originally published in IFRS 9 (2013). The impact of this standard on the 
Company has not been determined. 
 
IFRS 15, Revenue from Contracts with Customers, which will replace IAS 18, Revenue, provides a single, principles 
based five-step model to be applied to revenue recognition from all contracts with customers and applies to an 
annual reporting period beginning on or after January 1, 2017. The impact of this standard on the Company has not 
been determined. 
 
IFRS 16, Lease, was issued January 2016 and replaces IAS 17 Leases. The standard introduces a single lessee 
accounting model for leases with required recognition of assets and liabilities for most leases. The standard is 
effective for fiscal years beginning on or after January 1, 2019 with early adoption permitted if the Company is 
also applying IFRS 15 Revenue from Contracts with Customers. IFRS 16 will be adopted by the Company on January 1, 
2019 and the impact of this standard on the Company has not been determined. 
 
 
4.   Property, plant and equipment 
                                                                        December 31      December 31 
                                                                               2015             2014 
                                                                   --------------------------------- 
     Opening balance                                                             18               64 
     Depletion and depreciation                                                (11)             (42) 
     Foreign currency translation                                               (1)              (4) 
                                                                   --------------------------------- 
     Closing balance                                                              6               18 
                                                                   --------------------------------- 
 
 
Property, plant and equipment relates to office equipment. During the year, the Company capitalized $nil (2014 - 
$nil) of general and administrative costs and $nil (2014 - $nil) of share-based compensation. 
 
 
5.   Exploration and evaluation assets 
                                                                        December 31      December 31 
                                                                               2015             2014 
                                                                   --------------------------------- 
     Opening balance                                                          1,283            1,125 
     Additions                                                                  159              320 
     Foreign currency translation                                             (135)            (162) 
                                                                   --------------------------------- 
     Closing balance                                                          1,307            1,283 
                                                                   --------------------------------- 
 
 
Exploration and evaluation assets at December 31, 2015 and December 31, 2014 relate to the Company's Ireland 
Frontier Exploration Licence 1/13 (FEL 1/13). In 2015 the Company's joint venture partner relinquished its 
interest in the licence. The Company has submitted an application to extend the first phase of the licence for an 
additional two years and is seeking a new joint venture partner to participate in the licence. If the Company is 
not able to extend the licence and a qualified joint venture partner is not found to participate in the licence, 
the carrying value of the licence may be impaired and the exploration and evaluation costs written off to net 
earnings. During the year, the Company capitalized $nil (2014 - $18) of general and administrative costs and $nil 
(2014 - $nil) of share-based compensation related to exploration and evaluation activity. 
 
 
6.   Decommissioning obligations 
                                                                        December 31      December 31 
                                                                               2015             2014 
                                                                   --------------------------------- 

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     Opening balance                                                          4,913            4,130 
     Accretion                                                                   12               49 
     Change in estimate                                                     (1,893)            1,058 
     Decommissioning costs incurred                                         (2,999)                - 
     Foreign currency translation                                              (33)            (324) 
                                                                   --------------------------------- 
     Closing balance                                                              -            4,913 
                                                                   --------------------------------- 
 
 
Due to the Fyne and Erne licences being fully impaired, adjustments to decommissioning obligations are booked to 
profit and loss through exploration and evaluation expense. 
 
 
7.   Share capital 
 
     Authorized 
     Unlimited number of common voting shares 
 
     Common shares issued                                             Number of               Amount 
                                                                         Shares                    $ 
                                                           ----------------------------------------- 
 
     Balance, December 31, 2015 and December 31, 2014               184,731,076              361,922 
                                                           ----------------------------------------- 
 
 
8. Share-based compensation 
 
The Company has a program whereby it may grant options to its directors, officers and employees to purchase up to 
10% of the issued and outstanding number of common shares. The exercise price of each option is no less than the 
market price of the Company's stock on the date of grant. Stock option terms are determined by the Company's Board 
of Directors but options typically vest evenly over a period of three years from the date of grant and expire five 
years after the date of grant. 
 
Share-based compensation for the year was $38 (2014 - $365) of which $38 (2014 - $365) was expensed and $nil (2014 
- $nil) was capitalized. 
 
The following table illustrates the number and weighted average exercise prices of and movements in share options 
under the option program during the year. 
 
 
                                                                2015                            2014 
                                     --------------------------------------------------------------- 
                                                           Weighted-                       Weighted- 
                                                             average                         average 
                                                      exercise price                  exercise price 
                                              Number           Cdn $          Number           Cdn $ 
                                     --------------------------------------------------------------- 
Outstanding - beginning of year            5,345,002            0.65       7,575,000            0.67 
Granted                                            -               -               -               - 
Forfeited                                (1,150,002)            0.71     (2,179,998)            0.73 
Expired                                    (770,000)            1.00        (50,000)            0.35 
                                     --------------------------------------------------------------- 
Outstanding - end of year                  3,425,000            0.55       5,345,002            0.65 
                                     --------------------------------------------------------------- 
Exercisable - end of year                  3,258,334            0.57       3,886,674            0.70 
 
 
The range of exercise prices of the outstanding options is as follows: 
 
 
             Options outstanding                               Options exercisable 
=--------------------------------------------------------------------------------------------------- 
                                                Weighted-                                  Weighted- 
                   Weighted-        Number        average      Weighted-        Number       average 
        Range        average   outstanding          years        average   outstanding         years 
  of exercise       exercise            at      remaining       exercise            at     remaining 
       prices          price      December    contractual          price      December   contractual 
        Cdn $          Cdn $      31, 2015           life          Cdn $      31, 2015          life 
=--------------------------------------------------------------------------------------------------- 
  0.20 - 0.50           0.20       500,000           2.25           0.20       333,334          2.25 
  0.51 - 0.77           0.61     2,925,000           1.52           0.61     2,925,000          1.52 
                             --------------                              -------------- 
                                 3,425,000                                   3,258,334 
                             --------------                              -------------- 
 
 
No options were granted in 2015 and 2014. 
 
 
9.   Earnings per share 
                                                                               2015             2014 
                                                                   --------------------------------- 
     Income (loss) from continuing operations                                 1,840          (6,497) 
     Income (loss) from discontinued operations                                   -          (3,618) 
                                                                   --------------------------------- 
     Net income (loss) for the year                                           1,840         (10,115) 
                                                                   --------------------------------- 
 
     Basic earnings per share: 
     Issued common shares                                               184,731,076      184,731,076 
     Effect of share options exercised                                            -                - 
                                                                   --------------------------------- 
     Weighted average number of common shares - basic                   184,731,076      184,731,076 
                                                                   --------------------------------- 
 
     Diluted earnings per share: 
     Weighted average number of common shares - basic                   184,731,076      184,731,076 
     Effect of outstanding options                                                -                - 
                                                                   --------------------------------- 
     Weighted average number of common shares - diluted                 184,731,076      184,731,076 
                                                                   --------------------------------- 
 
     Basic and diluted income (loss) per common share: 
     From continuing operations                                                0.01           (0.04) 
     From discontinued operations                                                 -           (0.02) 
                                                                   --------------------------------- 
     Total loss per share                                                      0.01           (0.05) 
 
 
There have been no other transactions involving common shares or potential common shares between the reporting 
date and the date of completion of these financial statements. 
 
For the year ended December 31, 2015 and 2014, all stock options were anti-dilutive and were not included in the 
diluted common share calculation. 
 
 
10. General and administrative expenses 
                                                                               2015             2014 
                                                                   --------------------------------- 
    Wages and salaries                                                        1,099            3,157 
    Occupancy                                                                   309              404 
    Administrative                                                            1,017            1,750 
    Travel                                                                        4               23 
    Overhead recovery                                                         (179)               93 
                                                                   --------------------------------- 
                                                                              2,250            5,427 
                                                                   --------------------------------- 
 
 
Total employee benefits expenses, including share-based compensation for the year ended December 31, 2015 were 
$1,137 (2014 - $3,522). 
 
 
11. Supplemental cash flow information 
                                                                            2015                2014 
                                                            ---------------------------------------- 
    (Increase)/decrease of assets: 
      Trade and other receivables                                             15               (149) 
      Inventory and prepaid expenses                                          73                  21 
      Other current assets                                                     5                   - 
    Increase/(decrease) of liabilities: 
      Trade and other payables                                             (133)                  15 
                                                            ---------------------------------------- 

(MORE TO FOLLOW) Dow Jones Newswires

April 25, 2016 02:16 ET (06:16 GMT)

                                                                            (40)               (113) 
                                                            ---------------------------------------- 
 
    Cash and cash equivalents are comprised of: 
      Cash in bank                                                         1,895                 920 
      Short-term deposits                                                  8,000              14,500 
                                                            ---------------------------------------- 
                                                                           9,895              15,420 
                                                            ---------------------------------------- 
 
 
12. Income taxes 
 
The differences between the expected income tax provision and the reported income tax provision are summarized as 
follows: 
 
 
                                                                              2015              2014 
                                                                 ----------------------------------- 
Loss (income) from continuing operations before income taxes               (1,840)             6,493 
Statutory income tax rate                                                      26%               25% 
                                                                 ----------------------------------- 
Expected recovery (expense)                                                  (478)             1,623 
 
Increase (decrease) in taxes resulting from: 
Non-deductible expenses                                                        355           (1,159) 
Effect of different tax rates in foreign jurisdictions                         434               164 
Benefit of tax losses recognized (not recognized)                            (311)             (632) 
                                                                 ----------------------------------- 
                                                                                 -               (4) 
                                                                 ----------------------------------- 
 
 
The statutory tax rate was 26% in 2015 (2014 - 25%). 
 
There was no income tax expense in 2015 and 2014 relating to discontinued operations. 
 
 
Deferred income tax 
The deferred income tax assets are comprised of the following: 
                                                                        December 31      December 31 
                                                                               2015             2014 
                                                                   --------------------------------- 
Property, plant and equipment                                                   665              730 
Decommissioning obligations                                                       -              983 
Non-capital losses                                                            8,421            8,060 
Capital losses                                                                3,720            3,444 
Share issuance and financing costs                                                -              127 
Other                                                                           258              282 
Unrecognized deferred tax asset                                            (13,064)         (13,626) 
                                                                   --------------------------------- 
                                                                                  -                - 
                                                                   --------------------------------- 
 
 
The Company has unused non-capital tax losses attributable to continuing operations of $32,413 (2014 - $32,443) to 
carry forward against future taxable income of subsidiaries in which the losses arose. At December 31, 2015, the 
Company had the following available tax loss carryforwards: 
 
 
Loss carryforwards attributable to continuing operations: 
                                                                   Expiry Dates                    $ 
                                                           ----------------------------------------- 
 
Canada                                                                2016-2033               27,899 
United Kingdom                                                        No Expiry                4,318 
Ireland                                                               No Expiry                  196 
                                                                                              32,413 
                                                                                -------------------- 
13. Commitments and contingencies 
 
The Company has net commitments in respect of its petroleum and natural gas properties and 
operating leases, including operating costs, as at December 31, 2015 as follows: 
 
                                                         2016         2017         2018   Thereafter 
=--------------------------------------------------------------------------------------------------- 
Office Leases                                             302          266            -            - 
Ireland                                                     -            -            -            - 
United Kingdom 
Fyne                                                        -            -            -            - 
Erne                                                       20            -            -            - 
=--------------------------------------------------------------------------------------------------- 
Total                                                     322          266            -            - 
=--------------------------------------------------------------------------------------------------- 
 
 
FEL 1/13 in Ireland has a 15 year term, with an initial three-year term followed by three four-year terms. The 
initial three year term of the FEL expires in early July 2016 and under the licence terms the work program to 
extend the licence into the second term must include the drilling of an exploration well. The Company has 
submitted a request to extend the first exploration term by an additional two years pending government approval 
and agreement on an additional technical work program. 
 
14. Financial instruments and financial risks Financial instruments 
 
Financial assets and financial liabilities are initially recognized at fair value and are subsequently accounted 
for based on their classification. The classification categories, which depend on the purpose for which the 
financial instruments were acquired and their characteristics include held-for- trading, available-for-sale, held- 
to-maturity, loans and receivables, investments, and other liabilities. Except in very limited circumstances, the 
classification is not changed subsequent to initial recognition. 
 
The Company's financial instruments consist of cash, cash equivalents, restricted cash, accounts receivable and 
accounts payable. Cash and cash equivalents, restricted cash and accounts receivable are classified as loans and 
receivables and are accounted for at amortized cost. Accounts payable are classified as other liabilities and are 
accounted for at amortized cost. Due to the short-term maturity of these financial instruments, fair values 
approximate carrying amounts. 
 
Financial risks 
 
The Company is exposed to financial risks encountered during the normal course of its business. These financial 
risks are composed of credit risk, liquidity risk and market risk including commodity price and foreign currency 
exchange risks. 
 
(a) Credit risk 
 
The Company is exposed to the risk that its counterparties will fail to discharge their obligations to the Company 
on its cash, cash equivalents, accounts receivable and certain non-current assets. 
 
Cash and cash equivalents and restricted cash are on deposit with reputable Canadian and international banks, and 
therefore the Company does not believe these financial instruments are subject to material credit risk. 
 
The Company's sales from discontinued operations in 2014 were all to a single customer. Factors included in the 
assessment of accounts receivable for impairment are the relationship between the purchaser and the Company and 
the age of the receivable. 
 
The extent of the Company's credit risk exposure is identified in the following table: 
 
 
                                                                    December 31          December 31 
                                                                           2015                 2014 
                                                           ----------------------------------------- 
Cash and cash equivalents                                                 9,895               15,420 
Restricted cash                                                              12                   12 
Accounts receivable                                                          49                  163 
                                                           ----------------------------------------- 
                                                                          9,956               15,595 
                                                           ----------------------------------------- 
 
 
No accounts receivable are past due or considered impaired. 
 
(b) Liquidity risk 
 
The Company is exposed to liquidity risk from the possibility that it will encounter difficulty meeting its 
financial obligations. The Company manages this risk by forecasting cash flows in an effort to identify future 
liabilities and arrange financing, if necessary. It may take many years and substantial cash expenditures to 
pursue exploration and development activities on all of the Company's existing undeveloped properties. 
Accordingly, the Company will need to raise additional funds from outside sources in order to explore and develop 

(MORE TO FOLLOW) Dow Jones Newswires

April 25, 2016 02:16 ET (06:16 GMT)

its properties. There is no assurance that adequate funds from debt and equity markets will be available to the 
Company in a timely manner. 
 
As at December 31, 2015 the Company's financial liabilities are all due within one year. 
 
(c) Market risk 
 
Market risk consists of commodity price risk and foreign currency exchange risk. 
 
Commodity price risk 
 
On April 24, 2014 the Company completed the sale of Antrim Resources (N.I.) Limited and settled its outstanding 
obligations under its Payment and Oil Swap agreements (see note 16). 
 
Foreign currency exchange risk 
 
The Company is exposed to fluctuations in foreign currency exchange rates as many of the Company's financial 
instruments are denominated in United States dollars, Canadian dollars and British pounds sterling. As a result, 
fluctuations in the United States dollar against the Canadian dollar and British pound sterling could result in 
unanticipated fluctuations in the Company's financial results. The Company seeks to minimize foreign exchange risk 
by holding cash and cash equivalents in United States dollars when not required in support of current operations. 
A 1% change in the Cdn$/US$ and GBP /US$ exchange rate at December 31, 2015 would impact net income by 
approximately $100 and $nil, respectively. 
 
Capital management 
 
The Company's objective when managing its capital is to safeguard the Company's ability to continue as a going 
concern, maintain adequate levels of funding to support its exploration and development program, and provide 
flexibility in the future development of its business. The ability of the Company to successfully carry out its 
business plan is dependent upon the continued support of its shareholders, attracting joint venture partners, the 
discovery of economically recoverable reserves and the ability of the Company to obtain financing to develop 
reserves. The Company maintains and adjusts its capital structure based on changes in economic conditions and the 
Company's planned requirements. The Company may adjust its capital structure by issuing new equity and/or debt, 
selling assets, and controlling capital expenditure programs. The Company intends to fund its planned capital 
program through existing cash resources. 
 
The Company's capital structure at December 31, 2015 consisted of cash and cash equivalents and shareholders' 
equity. Shareholders' equity includes shareholders' capital, contributed surplus, and accumulated other 
comprehensive loss and deficit. 
 
 
The capital structure of the Company consists of: 
                                                                    December 31          December 31 
                                                                           2015                 2014 
                                                           ----------------------------------------- 
Cash and cash equivalents                                                 9,895               15,420 
Shareholders' equity                                                     10,930               11,452 
 
 
Current restrictions on the availability of credit may limit the Company's ability to access debt or equity 
financing for its projects. The Company forecasts cash flows against a range of macroeconomic and financing market 
scenarios in an effort to identify future liabilities and arrange financing, if necessary. Although the Company 
may need to raise additional funds from outside sources, if available, in order to develop its oil and gas 
properties, the Company seeks to maintain flexibility to manage financial commitments on these assets. 
 
Methods employed to adjust the Company's capital structure could include any, all or a combination of the 
following activities: 
 
 
i.  Issue new shares through a public offering or private placement; 
ii. Issue equity linked or convertible debt; 
iii.Raise fixed or floating rate debt; 
iv. Sell or farm-out existing exploration assets. 
 
 
15. Related party transactions 
 
The financial statements include the financial statements of Antrim and the subsidiaries listed in the following 
table: 
 
 
                                                                                     Equity interest 
                                                                                             in % at 
                                                                                        December 31, 
                                                                         --------------------------- 
                                                              Country of 
Subsidiary                                                 Incorporation          2015          2014 
=--------------------------------------------------------------------------------------------------- 
Antrim Energy Ltd.                                               Bahamas           100           100 
Antrim Exploration (Ireland) Limited                             Ireland           100           100 
Antrim Energy (UK) Limited                                United Kingdom           100           100 
Antrim Energy (Ventures) Limited                          United Kingdom           100           100 
Compensation of key management personnel of the Company 
 
Key management personnel include directors and executives of the Company. The compensation paid or 
payable to key management personnel is as follows: 
                                                                    2015          2014 
                                                        -------------------------------------------- 
Short-term employee benefits                                         242         2,229 
Share-based compensation                                              42           235 
                                                        -------------------------------------------- 
Total compensation of key management personnel                       284         2,464 
                                                        -------------------------------------------- 
 
 
Other related party transactions 
 
The Company may from time to time enter into arrangements with related parties which are accounted for at the 
exchange amount. In 2015, the Company incurred fees of $181 (2014 - $376) payable to Burstall Winger Zammit LLP, a 
law firm in which a director of the Company is a partner. 
 
16. Discontinued operations 
 
The Company entered into an agreement (the "Agreement") on February 7, 2014 with First Oil Expro Limited ("FOE") 
pursuant to which, subject to the terms and conditions of the Agreement, FOE agreed to purchase from the Company 
(the "Transaction") all of the issued and outstanding shares in the capital of Antrim's UK subsidiary, Antrim 
Resources (N.I.) Limited ("ARNIL") for $53 million in cash, plus the assumption of certain liabilities and 
adjusted working capital, from which Antrim would settle on closing all outstanding obligations under its Payment 
and Oil Swap agreements. The economic date of the transaction was January 1, 2014. On April 24, 2014 the Company 
completed the sale of ARNIL. 
 
 
Details of the disposition are as follows: 
                                                                                                2014 
                                                                           ------------------------- 
Consideration received: 
Cash                                                                                          57,293 
Discontinued operations: 
Working capital                                                                                1,717 
Property, plant and equipment                                                               (75,691) 
Asset retirement obligations                                                                  16,500 
Transaction costs                                                                            (1,779) 
Foreign currency translation adjustment relating to disposal                                   6,906 
                                                                           ------------------------- 
Gain on disposal of assets                                                                     4,946 
                                                                           ------------------------- 
 
 
The combined results of the discontinued operations which have been included in the consolidated statement of loss 
and comprehensive loss are as follows. The comparative period income and cash flows from discontinued operations 
have been reclassified to include those operations classified as discontinued in the current period. Discontinued 
financial and operating results for the year ended December 31, 2014 include only those results up to April 24, 
2014 (the date of sale of ARNIL). 
 
 
                                                                           2015                 2014 
                                                           ----------------------------------------- 
Discontinued operations 
Revenue                                                                       -                2,465 
 
Expenses 
Direct production and operating expenditures                                  -                1,692 
Depletion and depreciation                                                    -                  844 
Finance and administrative costs                                              -                5,054 
Loss on financial derivative                                                  -                3,439 
Gain on disposal of assets                                                    -              (4,946) 
                                                           ----------------------------------------- 
Income (loss) from discontinued operations                                    -              (3,618) 
                                                           ----------------------------------------- 
Cash flow from discontinued operations 
Net cash flow provided by (used in) operating activities                      -                2,031 

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April 25, 2016 02:16 ET (06:16 GMT)

Cash provided by (used in) financing activities                               -             (36,102) 
Cash used in investing activities                                             -              (2,981) 
                                                           ----------------------------------------- 
                                                                              -             (37,052) 
                                                           ----------------------------------------- 
 
 
 
DIRECTORS 
 
Stephen Greer (1) (3) 
Chairman 
 
Erik Mielke (1) (2) (3) 
Independent Director 
 
Jim Perry (1) (2) (3) (4) 
Independent Director 
 
Anthony Potter 
Director 
Antrim Energy Inc. 
 
Jay Zammit (2) (4) 
Partner, 
Burstall Winger Zammit LLP 
 
 
 
1.  Member of the Audit Committee 
2.  Member of the Compensation Committee 
3.  Member of the Reserves Committee 
4.  Member of the Corporate Governance Committee 
 
 
 
OFFICERS 
 
Anthony Potter 
President, Chief Executive Officer and Chief Financial Officer 
 
Adrian Harvey 
Corporate Secretary 
 
STOCK EXCHANGE LISTINGS 
 
TSX Venture Exchange (TSXV): Trading Symbol "AEN" 
 
London Stock Exchange (AIM): Trading Symbol "AEY" 
 
HEAD OFFICE 
 
610, 301 8th Avenue SW 
Calgary, Alberta 
Canada T2P 1C5 
Main: +1 403 264 5111 
Fax: + 1 403 264 5113 
info@antrimenergy.com 
www.antrimenergy.com 
 
LONDON OFFICE 
 
Ashbourne House, The Guildway 
Old Portsmouth Road, Artington 
Guildford, Surrey 
United Kingdom GU3 1LR 
Main: +44 (0) 1483 307 530 
Fax: +44 (0) 1483 307 531 
 
INTERNATIONAL SUBSIDIARIES 
 
Antrim Energy Ltd. 
Antrim Exploration (Ireland) Limited 
Antrim Energy (UK) Limited 
Antrim Energy (Ventures) Limited 
 
LEGAL COUNSEL 
 
Burstall Winger Zammit LLP 
Calgary, Alberta 
 
BANKERS 
 
Toronto-Dominion Bank of Canada 
 
AUDITORS 
 
PricewaterhouseCoopers LLP 
Calgary, Alberta 
 
INDEPENDENT ENGINEERS 
 
McDaniel & Associates Consultants Ltd. 
 
REGISTRAR AND TRANSFER AGENT 
 
Inquiries regarding change of address, registered shareholdings, stock transfers or lost certificates should be 
direct to: 
 
CST Trust Company 
Calgary, Alberta 
inquiries@cantstockta.com 
 
The Company's website is not incorporated by reference in and does not form a part of this report. 
 
Copies of the annual report are in the process of being despatched to shareholders who have requested a hard copy 
and have been posted on the Company's website (www.antrimenergy.com) and on SEDAR (www.sedar.com). 
 
For further information, please contact: 
 
Anthony Potter 
President, Chief Executive Officer and Chief Financial Officer Antrim Energy Inc. 
Telephone: + 1 403 264 5111 E-mail: potter@antrimenergy.com 
 
Nominated Advisor 
RFC Ambrian Limited 
Will Souter or Indra Ruthramoorthy 
Telephone: +612 9250 0020 
 
 
Antrim Energy Inc. 
 

(END) Dow Jones Newswires

April 25, 2016 02:16 ET (06:16 GMT)

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