Antrim Energy Makes Plans to Drill Offshore Australia

Antrim Energy has begun preparations to drill an offshore exploration well located on the North West Shelf of Australia. Antrim has entered into a contractual arrangement with Magellan Petroleum (W.A.) Pty Ltd., whereby Antrim will fund 100% of the cost of the first well to retain a 87.5% working interest in the WA-306-P permit. Antrim will immediately commence contractual negotiations with third parties to secure management of the drilling project and a drilling rig. The well will be drilled to a minimum depth of 3700 meters in 300 meters water depth. Antrim and Magellan will each continue to hold a 50% working interest in the adjacent permit, WA-307-P. Oil discoveries in this area are most often fast-tracked to production using floating production facilities.

The agreement with Magellan enables Antrim to take direct control over exploration of a significant portion of an 80 km trend of prospects identified on permits WA-306-P and WA-307-P. The results of Antrim's recent 2003 seismic survey has upgraded the prospectivity of this trend resulting in the confirmation of several attractive drilling prospects. The initial well will target oil in the South Galapagos prospect, a significant 'four-way closed' structure in the Jurassic Lower Vulcan and Plover Formations. The Jurassic formations on the North West Shelf host individual fields up to 180 Million barrels of recoverable oil and up to 20 Tcf of gas. The South Galapagos prospect lies 200 km southwest of the 20 Tcf and 300 Million barrel condensate Scott Reef/Brecknock Fields.

Stephen Greer, Chairman and Chief Executive Officer of Antrim commented: "Antrim is extremely pleased to announce this agreement with Magellan and our accelerated drilling plans for Australia. This is the beginning of a new phase in the growth of Antrim as a global explorer. The drilling activity in Australia will compliment other 2004 operations planned in the UK, Argentina and Tanzania."

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