Antrim has been notified by the UK Department of Energy and Climate Change (DECC) that it has been offered Block 21/24b in the UK North Sea as part of the 25th Seaward Licensing Round. The block, which was awarded to Antrim on a 100% working interest basis, is in the Company's core area around the Fyne Field in the Central North Sea. As announced in November of 2008, Antrim was previously awarded five blocks in the 25th Round, three of which are in the Fyne area.
Block 21/24b is approximately 10 kilometers northeast of the Fyne Field, and immediately adjacent to the Teal and South Teal Fields to the east, the Clapham and Guillemot Northwest Fields to the south and the Pict Field to the west. These fields all produce from either the Eocene Tay or the Upper Jurassic Fulmar Sandstones, and Block 21/24b is viewed to have potential in both of these formations. A significant oil column in the Fulmar was discovered in this block by a previous operator. This discovery well 21/24-4 was drilled in 1991, but not tested.
Block 21/24b will add approximately 36,000 acres to Antrim's asset portfolio in the area. The license will be a Traditional License, with seismic processing to be completed and a contingent well to be drilled during the initial four year term.
Stephen Greer, Antrim's President and CEO, commented, "With its close proximity to existing fields and infrastructure, and potential in two proven producing formations, Block 21/24b is an exciting addition to Antrim's Central North Sea holdings."
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