Premier Oil Begins Drilling at East Fyne

Calgary-based international oil and gas firm Antrim Energy announced Monday that Premier Oil UK has begun drilling operations on the East Fyne appraisal well in the UK Central North Sea block 21/28a (where Antrim has a 35.1 percent working interest).

Well 21/28a-11 is located in the eastern portion of the Fyne Field, an Eocene Tay oil accumulation located south west of, and on trend with, the producing NW Guillemot oil field. The well will be drilled at no cost to Antrim, with Antrim's share of the costs carried by Premier under the terms of an 'earn in' agreement between Premier and Antrim for the joint development of the Greater Fyne Area that was announced Oct. 6 2010.
Independent consultant McDaniel and Associates has estimated proved plus probable reserves of 21.2 million barrels of oil to the Fyne Field (net 7.4 MMbo to Antrim).
The East Fyne well is located approximately 1.8 miles (3 kilometers) from the recently announced Erne Eocene Tay discoveries. Antrim expects the East Fyne appraisal well will be incorporated into a development plan for the Fyne Field and an overall strategy for the Greater Fyne Area.


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