Antrim Granted Extension for Fyne Field Development

Antrim Energy Inc. has been granted an extension for the submission of a Field Development Plan ("FDP") for the Fyne Field in UK Central North Sea license P077 Block 21/28a.

The UK Department of Energy and Climate Change ("DECC") notified Antrim that it has extended the deadline for submission of an FDP for the Fyne Field from June 2012 to January 2013. Antrim also anticipates DECC approval of the transfer to Antrim of the working interests of the other two partners in the License, Premier Oil UK Limited ("Premier") and First Oil Expro Limited ("FOE"), as well as the transfer of operatorship to Antrim from Premier. Once DECC approves the transfers, Antrim will be operator and hold 100 percent working interest in the Fyne License. The license target date for first production remains fourth quarter of 2014.

Antrim continues its work on the design of a small SPAR production facility to determine its suitability for Fyne and surrounding fields in the Greater Fyne Area. In parallel with this work, Antrim is seeking joint venture partners to participate in appraisal and development of the Greater Fyne Area discoveries, including West Teal in Block 21/24b (Antrim 100 percent).

First oil production from the Causeway Field in Block 211/23d (Antrim 35.5 percent) remains on track for the third quarter of 2012 with an anticipated 3,000 barrels of oil per day net to Antrim. The subsea gathering system has been installed, and well completion work is scheduled for July. First production from the adjacent Fionn Field in Block 211/22a South East Area (Antrim 35.5 percent) is anticipated in mid-2013.

TAQA Bratani Limited ("TAQA") has informed Antrim that the Contender exploration well in Block 211/22a Contender Area (Antrim 8.4 percent) is expected to start drilling in early July 2012. The well will be drilled from the TAQA-operated Cormorant North platform to the prospect approximately 11 kilometers west of the Causeway Field, targeting the Jurassic Brent sequence of sandstones. If successful, the Contender well is expected to be on production before the end of the year through the Cormorant North platform. Under the terms of the farm-out agreement with TAQA (as previously announced August 25, 2011), Antrim's drilling costs will be completely funded by TAQA.

The Cyclone exploration well, operated by Premier in Block 21/7b (Antrim 30 percent), is expected to spud in October 2012. The well will target the Tertiary Cromarty sandstone at approximately 5,000 feet true vertical depth. A site survey was completed in April 2012.


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