The Osprey Ridge License is situated in the East Shetland Basin of the North Sea. The area defined by Block 211/22a has been designated fallow under the UK's PILOT initiatives to encourage new entrants and activities in the North Sea. The block is situated between the producing Cormorant and Dunlin oilfields, which to date have produced over 400 and 380 million barrels of oil respectively. Two discovery wells have been drilled on the acreage, the most significant of which is 211/21a-3, which tested oil at 5,512 bopd from a Jurassic reservoir in 1984. In 1976, the other discovery well (211/21a-1) tested oil at a rate of 1,280 bopd.
Antrim intends to evaluate potential targets in the prolific sandstones of the Jurassic Brent Group, including the trends defined by the two discovery wells, with a view to drilling at least one appraisal well in 2005.
Commenting on the acquisition, Stephen Greer (CEO) said, "This is an important step forward for Antrim in a very competitive market and underlines our strategy of growth in the U.K. North Sea. Together with our current holdings in the Southern Gas Basin, we are building a substantial and very exciting portfolio of drilling opportunities in the U.K."
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