Antrim UK North Sea Farm-out Finalized

Block 211/22a, North Sea
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Antrim has finalized a formal Farm-Out Agreement relating to Antrim's North Sea Block 211/22a. Under the Agreement, Dana Petroleum will earn a 54.79% working interest in the north and western areas of Antrim's block in exchange for funding 100% of the cost of an exploration well up to a gross cost of Pounds Sterling 5,750,000 (Cdn.$14 million dollars). Antrim will retain a 21% working interest in this area of the block.

Block 211/22a is situated between the producing Cormorant and Dunlin oilfields which to date have produced over 400 million and 380 million barrels of oil respectively. Dana intends to drill the 'Clachnaben' prospect in the northwest portion of the Block as part of its 2005 North Sea drilling program. A discovery well drilled in 1976 on the northwest portion of the block (211/22a-1) tested oil at a rate of 1,280 bopd.

Under the agreement, and following Dana's earning well, Antrim will increase its working interest from 75.794% to 79% in the southeast portion of the block which includes the prospective Osprey Ridge area. A discovery well (211/22a-3) drilled in 1984 on this portion of the block tested oil at 5,512 bopd from a Jurassic reservoir. Antrim anticipates it will be appointed Operator of the southeastern (Osprey Ridge) portion of the block.


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