Antrim Says Causeway Multi-Well Drilling Program on Schedule

Antrim Energy has contracted AGR Peak Well Management of Aberdeen and the semisub, Transocean Prospect, for the drilling of three wells near its August 2006 East Causeway discovery (Antrim 65.5%) in the UK North Sea. The 2006 discovery tested a combined flow rate of 14,500 barrels of light oil per day with no water.

The first well in this year's program, on schedule to commence the week of May 20, 2007, will be drilled approximately two miles southwest of the East Causeway Discovery to an estimated depth of 3,500 meters (11,500 ft) and is intended to appraise each of the Jurassic Tarbert, Ness and Etive Sandstones. The program will also assist in the evaluation of tie-in options for production to nearby facilities.

"Securing this rig from Transocean Inc. keeps us on schedule to meet our previously-announced timing for this project," said Stephen Greer, President and CEO of Antrim.

This drilling contract pertains to the November 2006 announcement by Antrim that they had signed a letter of intent to contract a drilling rig for the 2007 Causeway drilling program.

Elsewhere in the North Sea, Antrim (75%) is presently acquiring approximately 70 km2 3-D Seismic over the Fyne and Dandy fields in UKCS Block 21/28a. This seismic program is expected to establish an optimum location for development drilling, which is targeted to proceed in early 2008.

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