Antrim Completes UK North Sea Acquisition
Antrim Energy Inc., which focuses on production, development and exploration of oil and gas assets in Argentina and the UK, has completed the acquisition of a 75% interest in Block 21/28a in the UK North Sea from Eni (as announced on 27 September 2006). The Block contains the Fyne and Dandy Oil Fields, on which 3 wells have previously tested 21 - 25 degree oil at rates between 1,200 barrels of oil per day ("bopd") and 3,600 bopd.
Antrim paid US$8 Million to acquire the controlling interest and has agreed to pay an additional US$10 Million to Eni on approval of a Field Development Plan from the Department of Trade and Industry. Antrim assumed operatorship of the 101 km2 (25,000 acres) block as of November 9th, 2006.
The Fyne and Dandy Oil Fields, discovered in 1987 and 1990 respectively, are situated in 90 meters (300 ft) of water approximately 160 km east of Aberdeen and 22 km from the Triton FPSO (floating production, storage, and offloading) vessel which provides production services for the nearby West Guillemot and associated fields.
The reservoirs are composed of Tay Formation Sandstones at an average subsea drilling depth of 1,340 m (4,400 ft) and exhibit high values of porosity (24 - 32%) and very high permeability values that range in the hundreds of millidarcies to several darcies. The fields are close to or along trend with other recent developments such as the Pilot Field, which has additional appraisal wells planned in Q2 2007; the Pict Field, brought on stream in 2005 and expected to produce an estimated 10,000 bopd over the first three years of production; the Saxon Field, expected to begin production in 2007; and the recently announced Sheryl discovery which is reported to have tested rates up to 1,915 bopd.
Commenting on the acquisition, Stephen Greer, Antrim's CEO, stated that:
"The acquisition of a controlling interest in the Central North Sea Block 21/28a provides Antrim with the opportunity to duplicate the successful strategy adopted at its Causeway property in Block 211/23d in the Northern North Sea, on which a single well recently tested 14,500 bopd."
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