Antrim Commences Drilling Operations on Erne Exploration Prospect

Antrim, an international oil and gas exploration and production company headquartered in Calgary, Canada, today announced it has commenced drilling operations on the Antrim-operated Erne prospect in the UK Central North Sea block 21/29d (Antrim working interest 50%).

Erne is an Eocene Tay Formation oil prospect located between the Fyne (Antrim working interest 35.1%) and Northwest Guillemot fields at a drilling depth of approximately 6,000 feet. The Erne exploration well is located approximately six kilometers northeast of the 21/28a-10z well in the Fyne Field, which tested at flow rates up to 4,000 barrels of oil per day from the Tay Formation.

Premier Oil UK Limited acquired a 50% interest in the Erne licence by committing to contribute a promoted share of the drilling costs. Antrim has contracted project management and drilling services to AGR Well Management Limited using the WilPheonix semisubmersible drilling rig.

The Erne well, situated within six kilometers of other tested and producing Tay reservoirs will not be tested; however the partners may elect to drill a sidetrack following an evaluation of the initial drilling results. The well is estimated to take up to 23 days to drill.

Following completion of the drilling of the Erne well, the rig will move to the Carra exploration prospect (Antrim 100%) in block 21/28b, approximately four kilometers southeast of the Fyne Field.

In addition, Antrim and partners plan to drill an appraisal well on the Fyne Field before the end of the year.

Antrim is pursuing a strategy of balancing longer term and capital-intensive investments in the UK North Sea with shorter investment cycle on-shore exploration and production opportunities. Antrim also considers other global exploration opportunities as they arise.

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Source: Antrim , November 14, 2011