Premier Oil has elected to drill the East Fyne appraisal well in the UK sector of the North Sea.
Under the terms of the agreement, Premier will have a 39.9% operated interest in Block 21/28a which contains the Fyne field. In return, Premier will carry the costs towards the development (up to US $50 million), including the East Fyne appraisal well. East Fyne is designed to de-risk the eastern extent of the Fyne field, and drilling is expected to start in the second half of 2011.
Antrim will retain a 35.1% working interest in the block and a 100% working interest in adjacent Blocks 21/28b, 21/24b, and 21/29d. First Oil Expro Limited will hold the remaining 25% working interest in Block 21/28a. The license assignment and transfer of operatorship under the agreement is subject to partner and governmental approvals.
The agreement also provides Premier with the option to participate in Antrim’s planned drilling program in the Greater Fyne area, which is scheduled to start as early as the second quarter of 2011.
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