The companies need to permanently abandon all suspended wells before the UK Seaward licences expire.

Antrim will abandon three wells on the Fyne licence and one on the Erne licence. The projected gross cost for abandonment of wells is £4.75m, with £1.80m estimated to the company.

The contract is expected to be implemented as part of a 10-well abandonment multi-client campaign, which also includes six wells from other operators.

The mobilization is planned to be carried out next month, while the 10-well campaign is expected to be completed in one and half month.

Antrim Energy CEO Anthony Potter said: "Should the campaign be successful the Company will have met its remaining obligations under the licences in a timely and responsible manner and removed uncertainty as to its financial position going forward with respect to any future corporate opportunities.

"In this regard the Company continues to assess opportunities based on, amongst other criteria, strategic fit, focus on near term appraisal / development, use of funds and transformative potential."