Antrim Hits Paydirt with Fyne Field

Fyne Field in North Sea
(Click to Enlarge)

Antrim Energy Inc. announced that the 21/28a-10 well on the Fyne field was successfully drilled by the semisub Transocean Prospect and encountered 32 feet of net oil pay in the Eocene Tay Sandstone. These drilling results are similar to the Fyne discovery well 21/28a-2, which tested up to 3,600 bopd from 30 ft of reservoir section. Antrim is operator with a 75% working interest.

The well intersected several oil bearing sandstones and log analysis indicates that the Tay reservoir in 21/28a-
10 is very porous (average 30%). In addition, the reservoir sampling tool (MDT tool) indicates that the
sandstones are exceptionally permeable with permeabilities to oil measured in excess of 1000 mD. No water
bearing zones were encountered in the Tay section.

The 21/28a-10 well is located in the western lobe of the Fyne Field. The results of this well, combined with
the results of the successful 21/28a-9 and sidetracks and the previously drilled 21/28a-2 well, clearly
demonstrates reservoir and structural continuity across the field and the significant extent of the oil

As designed, and previously reported, the next phase of the operation will be to immediately drill a sidetrack
to the southeast of this location. If the sidetrack is also successful, the new wellbore will be flow tested.
This additional drilling and testing operation is anticipated to take approximately three weeks to complete.

"This result clearly demonstrates the Fyne oil accumulation has significant lateral extent proving reservoir
and structural continuity across the field," said Stephen Greer, President and CEO. "If successful, the next
sidetrack would be the final drilling operation before the Fyne partnership would apply for Field Development
Approval from the Department for Business, Enterprise & Regulatory Reform (BERR), the UK regulatory authority."

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 the Company's 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.

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