Drilling Started on Antrim's 'Clachnaben' Prospect in UK North Sea

Antrim Energy says that drilling has commenced on the Clachnaben prospect, Block 211/22a in the UK North Sea, operated by Dana Petroleum plc. The Bredford Dolphin semi-submersible drilling platform will drill the well to a planned depth of 3,565 metres (11,700 ft). Operations are expected to be completed within 40 days.

The well will target the oil prone Jurassic Brent Sandstone, adjacent to the Cormorant oil field and related infrastructure.

The Clachnaben well will be drilled at no cost to Antrim to a ceiling of Pounds Sterling 5.75million ($12.2 million CAD), at which point Antrim will retain a 21% participating interest in the well, bear its share of any additional well costs and a hold a 21% participating interest in the northwest portion of the licence. At the same time, Antrim's interest will increase from 75.794% to 79% in the southeast portion of the licence, which includes the prospective Osprey Ridge area.

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