Calgary-based North Sea player Antrim said it is delaying first production until 2011 at its Causeway discovery, while it looks for ways to bring down sub-sea development costs and waits for better oil and gas prices.

Antrim had, in December of 2008, sent U.K authorities a plan of development for the field.

The company said it was cutting any big spending until capital markets recovered, this as the company on Tuesday posted a US$7 million net loss for fourth-quarter 2008, wider year-on-year by over $5 million less revenue. Its Argentinian operation was forced to sell gas at reduced prices while a pipeline to richer markets was speeded up.

But $35 million on hand and reserves replaced, Antrim management said smart spending and declining oil output did not rule out growth by acquisition in the coming year.

Partners in Causeway are understood to be NOR Energy AS with 10.5 percent, GeysirPetroleum UK Ltd. (10 percent) and Valiant Causeway Ltd. with 14 percent.

Tags: Antrim Energy Inc.