Antrim Energy Inc. announced that its wholly owned subsidiary Antrim Resources (N.I.) Limited has secured the Transocean Prospect rig under contract earlier than planned and as a result, drilling operations are expected to start ahead of schedule on the Company's Causeway property (Antrim operated 65.5% WI) in the UK northern North Sea.
The new well is expected to start drilling in the next five days and will target the Brent Group of sandstones in the East Causeway fault compartment. The new well is also expected to evaluate the deeper Etive Formation which was not penetrated by the 23d-17z discovery well. The Etive Sandstone tested up to 2,000 bopd from Antrim's 211/22a-6 well drilled in 2007 in the Central Causeway area.
Antrim plans to use the well to provide pressure support for production from the Antrim discovery well 211/23d-17z which tested 14,500 bopd from the Brent Tarbert and Ness formations. Once on production, the 23d-17z well is also expected to produce oil from the adjacent fault compartment where the Ness Formation tested 8,100 bopd in the previously drilled 211/23b-11 well. This Ness interval was penetrated, but not tested, in the 23d-17z well.
The Causeway appraisal and development program is funded through to first production expected in late 2009 given Antrim's working capital of $70-million (at the end of the last quarter), agreed terms for a US$50-million pre-development working capital facility and proposed US$150-million bank debt facility upon approval of the Causeway field development plan.
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