Antrim to Acquire Interest in UK Central North Sea Block 21/28a

Antrim Energy has reached agreement to acquire a 75% working interest in Block 21/28a in the Central North Sea from Eni. The Block contains the Fyne and Dandy oil fields, which have been delineated with eight wells drilled from 1971 - 1998. The fields are combination structural-stratigraphic traps composed of Tay Formation sandstones of Middle Eocene age, with secondary potential in the underlying Jurassic. Three of the eight wells have been successfully production tested at rates between 1,240 and 3,600 bopd. Fyne and Dandy are approximately 10 kms from and on-trend with the Sheryl (formerly called Disraeli) oil field, a Tay Formation discovery by two Canadian oil exploration companies. Sheryl is immediately South of the Saxon and Pict oil field discoveries, again in the Tay Formation. Pict, which has reported oil-in-place similar to that assessed for Fyne and Dandy by Antrim, was brought on stream in 2005 via a floating production storage and transportation (FPSO) vessel tie back to the Guillemot West and North West infrastructure, with production of 10,000 bopd estimated for the first three years. Saxon is expected to begin production in 2007.

The acquisition is subject to certain approvals, including that of the UK Department of Trade and Industry.

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