Antrim has been notified by the UK Department of Energy and Climate Change (DECC) that it has been offered five new blocks in the UK North Sea in the 25th Seaward Licensing Round. The five new blocks were awarded to Antrim on a 100% working interest basis and are in the Company's core areas of Causeway in the Northern North Sea and Fyne in the Central North Sea.
"I am extremely pleased that we have been able to expand our position in the UK North Sea. We have secured additional blocks adjacent to our Fyne property that have potential for further Tay Sandstone oil discoveries," said Stephen Greer, President and CEO.
"The five new blocks are consistent with Antrim's strategy of maintaining operatorship, securing a high working interest and being close to existing production infrastructure. These blocks fit very well into Antrim's portfolio of North Sea assets in terms of their potential and stage of development."
In the Fyne area, where Antrim recently successfully drilled two wells plus three sidetracks into the Eocene Tay Formation, the Company was successful in its bids for Blocks 21/24c, 21/28b and 21/29c. Block 21/24c is immediately northeast of Antrim's Fyne Field (Block 21/28a) and immediately west - southwest of the Guillemot group of fields, which have produced over 60 million barrels of oil to date from the Tay Formation. Blocks 21/28b and 21/29c are immediately south - southeast of Fyne.
These blocks are also on-trend and southwest of the Gannet group of fields, which have produced over 260 million barrels of oil to date from the Tay Formation as well as other reservoirs. With the addition of these three blocks, Antrim's acreage position in the Fyne area will increase from 18,750 net acres to approximately 72,000 net acres.
In the Causeway area, where Antrim has successfully drilled six wells since 2006 and tested over 20,000 barrels of oil per day from the Middle Jurassic Brent Sandstones, Antrim was successful in its bids for blocks 2/10a and 2/15b. The new blocks, situated approximately 40 kilometres southwest of the Company's Causeway and Kerloch properties, in Blocks 211/22-23, offset the Cheviot field to the north, west and south.
Cheviot, formerly known as Emerald, produced 16 million barrels of oil from 1992-96 from an Upper Jurassic sand and also contains 182 billion cubic feet of proved gas reserves. The new blocks add approximately 105,000 net acres to Antrim's current 30,400 net acres of Northern North Sea holdings in Causeway and Kerloch.
Blocks 21/28b and 21/29c are contiguous and subject to a single Traditional License, while Blocks 21/24c, 2/10a and 2/15b will be Promote Licenses. No firm drilling commitments are associated with any of the new blocks. Firm work programs involve seismic purchase or acquisition, processing and interpretation. A drill or drop decision is required by the second anniversary of the Promote Licenses, while a decision on a contingent well is required within the four year initial term of the Traditional License.
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