Antrim Acquires Stake in UK North Sea Fallow Licenses

Osprey Ridge Block, East Shetland Basin
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Antrim Energy has entered into a Sale and Purchase Agreement to purchase an 18.4% working interest in the UK North Sea License P.201 (Block 211/22a, "Osprey Ridge") from ConocoPhillips (U.K.) Theta Limited. Closing of the purchase is expected to occur prior to the end of July 2004. Other current participants in the License are ENI UKCS Limited (24%-Operator), CNR International (UK) Limited (18.4%) and Marabeni Oil and Gas (UK) Ltd. (39.2%).

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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