Antrim and Premier have signed an agreement to jointly explore development options for the Fyne Area located in the UK sector of the North Sea.
Under the terms of the agreement, Premier will pay an initial consideration of US $2 million to Antrim, and will have the option to acquire a 39.9% interest in Block 21/28a in return for a payment up to US $50 million, less the initial consideration, towards the pre-development and development costs of the field. Antrim owns a 75% working interest in Block 21/28a, and a 100% working interest in the adjacent Blocks 21/28b, 21/29c, 21/24b and 21/24c that make up the Greater Fyne Area.
The agreement also provides Premier the option to participate up to 50% alongside Antrim in a planned drilling program scheduled to start as early as the second quarter of 2011 in the Greater Fyne area.
Antrim drilled two wells and three sidetracks in a 2008 appraisal program of the Fyne field. Well 21/28a-10Z was tested, and flowed at rates up to 4,000 bopd. Wells 21/28a-10Z and 21/28a-9Y were cased and are available for use in the development of the Fyne field, the company said.
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