Antrim Confirms Successful Drilling Operations at Fyne

Antrim Energy Inc., an international oil and gas exploration and production company, confirms the successful completion of drilling and testing operations on the Fyne Field (Antrim WI 75%), in the UK central North Sea. The Transocean Prospect was released from contract on May 9th, 2008.

The Fyne appraisal well 21/28a-9 was, as planned, drilled with three legs, one pilot hole and two sidetracks into the Eocene Tay Formation. As originally designed, the final sidetrack 21/28a-9y was cased to be used as a future production well.

As previously reported, the logging and testing results indicate a wellbore measured net oil pay thickness of 120 ft and 47 ft of net gas pay in very porous and permeable sandstones. Test data indicates potential production rates of between 3,000 and 4,500 bopd, in line with the test results from the previously drilled Fyne well 21/28a-2.

At year end 2007, the Fyne and Dandy license was determined by independent reserve evaluation engineers, McDaniel and Associates, to hold 131 million barrels oil in place or 21 million barrels of proved plus probable recoverable oil reserves (Antrim net 98 million barrels and 16 million barrels respectively), representing 42% of corporate recoverable proved plus probable reserves.

The oil and gas pay intervals in Fyne are separate with the gas pay confined to the Upper Tay Formation and the oil pay contained within several sandstones in the Middle and Lower Tay Formations. Internal estimates indicate that there is sufficient gas in the Upper Tay to provide artificial lift for oil production from the Middle and Lower Tay sandstones. Oil from the Fyne field, similar to adjacent fields, is likely to be produced through a Floating Production Storage and Offloading (FPSO) system and the company is actively searching for a suitable vessel.

As previously reported, Antrim expects to accelerate the Fyne appraisal and development using the contracted Transocean Prospect which is scheduled to begin a multi-well drilling program for Antrim in June this year. Two additional wells are planned on the Fyne field before first production anticipated in 2010.

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