Antrim Commences Drilling of South Galapagos # 1 Well

Antrim Energy reports that drilling has commenced on Antrim's South Galapagos #1 well location on Permit WA-306-P, NorthWest Shelf of Australia. The well is being drilled from the Transocean Sedco 703 semisub. The 3,772 meter drilling operation is anticipated to take 32 days.

Permit WA-306-P contains a cluster of drilling prospects including "Galapagos" and "South Galapagos". South Galapagos #1 is the first well to be drilled on the permit.

Antrim, through its wholly owned subsidiary Antrim Energy Australia Pty Limited, is the operator of the project and retains a 32.5% working interest in the permit. In August 2004, Antrim entered into a Farmout Agreement with ONGC Videsh Limited ("OVL") whereby OVL will earn a 55% working interest in permit WA-306-P for funding 80% of the gross well cost up to USD$9.0 million. The remaining 12.5% working interest is held by Magellan Petroleum (W.A.) Pty. Ltd.

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