The contract will provide Antrim with the Transocean Prospect semisub. This is in addition to the drilling contract previously announced for the Fyne Field which is scheduled to commence in the first quarter of 2008. The new contract, scheduled to start next June, is for four wells at a rate of $300,000/day and will be managed by AGR Peak Well Management. AGR also managed the successful multi-well drilling program on the Antrim-operated Causeway property in the UK Northern North Sea.
The drilling contract will allow Antrim to accelerate appraisal activity on the Company's existing properties in the Northern and Central North Sea and is also expected to provide Antrim with the flexibility to add additional drilling opportunities to its 2008 program.
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