Antrim Starts Up Drilling at Fyne Field in UK North Sea

Antrim Energy Inc. has commenced drilling operations on the Antrim-operated Fyne Field in the UK Central North Sea block 21/28a (Antrim working interest 75%).

The 21/28a-10 well will target the Eocene Tay Sandstone. This well is located approximately 1400 meters northwest of Antrim's 21/28a-9y well, which penetrated 120 ft of oil pay (60 ft TVD) and came in at the top end of pre-drill expectations, and 1500 meters west of the previously drilled 21/28a-2 well, which tested up to 3,600 bopd from 30 ft of oil bearing Tay Sandstone. The 21/28a-10 well will be drilled and sidetracked with minimum deviation and, if successful, will be retained as a production well.

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

The Fyne Field is on trend with several other Tay fields in the area, including the West Guillemot, Pict and Saxon developments. Fyne is situated approximately 20 kilometers from existing infrastructure, which provides production services for several fields in the area.

As previously reported, the company has contracted the Transocean Prospect for this drilling program. Drilling operations, including are anticipated to take three weeks and, if successful, the well will be tested over a period of approximately two weeks.
 

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