NOR Energy AS, based in Norway, purchased the non-core assets and a 3.5% interest in the Causeway Property (UK Block 211/22a Southeast Area and Block 211/23d) in return for a cash payment, 1,175,00 NOR Energy common shares (representing approximately 7% of the common shares outstanding in NOR) and 700,000 warrants of NOR Energy. It is Antrim's intention to retain these shares and warrants for the foreseeable future. Antrim will also retain a right to participate at a 30% interest level in the future drilling program in Tanzania.
GeysirPetroleum HF, also based in Norway, will pay 20% of the drilling costs of the initial well in the Causeway Prospect to earn a 10% interest in the Causeway Property. After the agreed earning depth has been reached, Antrim's working interest in the Causeway Property will be 65.5%.
Antrim also reports that the Causeway well, 211/23d-T, is expected to commence drilling on Monday June 5th. Peak Well Management Limited of Aberdeen has been engaged as the drilling manager for the project, and will use the Bredford Dolphin semi submersible rig to drill in 175 meters of water to the Jurassic target. The well is expected to take between six and eight weeks to drill and test.
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