Antrim Energy Wins Block 42/23 in the UK North Sea

Antrim has been offered Block 42/23, located in the United Kingdom's North Sea southern gas basin, as a Promote License Award under the UK's competitive 22nd Offshore Licensing Round. Under the terms of the award, Antrim will have two years in which to commit to the drilling of one well or relinquish the Block. Antrim, the designated "Permit Administrator", will have a 60% interest in the new block.

Block 42/23 is adjacent to Antrim's other properties in the southern gas basin, Blocks 42/21 and 42/22. The Company is planning to drill an exploration well on Block 42/21 early in 2005. Under an agreement with UK-based Wham Energy, Antrim also has an option to increase its equity in Blocks 42/21 and 42/22 from 20% to 60% before October 1, 2004.

Antrim's current land holdings in the southern gas basin are located in a mature area containing some of the UK's largest gas fields. Block 42/23 is situated 13 km northwest of the Ravenspurn complex which has produced 1.6 Tcf natural gas since production began in 1989.
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