Antrim to Begin Operations on Prometheus Prospect in September
Antrim expects drilling operations to commence in mid-September 2005, subject to regulatory and other approvals, on it's UK North Sea Prometheus Prospect, Blocks 42/21 and 42/22 in the Southern Gas Basin. The Prometheus Prospect will target the prolific Permian Leman Sandstone close to and on trend with the Ravenspurn gas fields that contain at least 1.6 Tcf initial recoverable gas reserves. The Prometheus well, which is expected to cost approximately £5.5 MM (Cdn. $12.0 MM), will be drilled to target depth at no cost to Antrim. Antrim's interest at the conclusion of the drilling operation will be 17.5%.
Drilling operations on Antrim's second well, "Clachnaben", in the northern sector of the UK North Sea are expected to commence in October 2005. The Clachnaben well will target the oil prone Jurassic Brent Sandstone in Block 211/22a adjacent to the Cormorant oil field and related export infrastructure. Dana Petroleum plc, the license operator, has contracted the Bredford Dolphin semi-submersible drilling rig to drill the well. If drilling is successful, it is envisaged that a fast-track subsea tie-back development would be pursued jointly with the adjacent 211/22a-1 discovery which was drilled in 1977 and flowed 1280 bpd of 31 degree API oil. At that time, the 211/22a-1 well was plugged and abandoned as being uneconomic. Under a farmout agreement with Dana, the Clachnaben well will be drilled to the target formation at no cost to Antrim. Antrim's interest at the conclusion of the drilling operation will be 21%.
Under the Dana farm-out agreement, and following the conclusion of drilling operations on 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 bpd from the Jurassic Brent reservoir. This well was also plugged and abandoned as it was considered uneconomic at that time.
Antrim's third drilling operation in the UK North Sea, the "Bennachie" prospect, is also
expected to commence in the 4th Quarter 2005. The Bennachie well, operated by Nexen
Petroleum U.K. Limited, will target the Jurassic Fulmar Sandstone approximately 1.5
kms from the original Bennachie discovery well 21/15a-2 which tested high quality 39
degree API oil at a stabilized rate of 4364 barrels per day and 2.67 MMcf/d of associated
gas. Antrim will earn a 25% interest in the license, including the original Bennachie discovery well. Gross drilling costs are expected to be approximately £7.8MM (Cdn.
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