Antrim to Drill Central North Sea Bennachie Prospect

Bennachie Project - North Sea
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North Sea - Block 21/15a
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Antrim Energy has received notice from the operator, Nexen Petroleum U.K. Limited, that drilling is expected to commence in the UK North Sea Block 21/15a ("Bennachie") in October 2005. Nexen has contracted Transoceans's semisub, Transocean John Shaw, for the operation. Under the terms of a previously announced Farm-in Agreement, Antrim will earn a 25% working interest in the license, including the original discovery well, by participating in this well.

The Bennachie well 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 4,364 barrels per day and 2.67 MMcf/d of associated gas. Drilling costs (100%) are expected to be approximately Pounds Sterling 7.7MM (Cdn. $16.7 MM).

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