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. $17.4 MM).
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