Antrim Awarded Blocks Offshore Ireland

Antrim has been awarded a Frontier License Option by the Department of Communications, Energy and Natural Resources of Ireland, under the Irish 2011 Atlantic Margin Licensing Round.

The License option area covers Blocks 44/4, 44/5 (part), 44/9, 44/10, 44/14, 44/15, an area of approximately 1,409 square kilometers located in the Porcupine Basin situated approximately 110 km off the SW coast of Ireland. The option allows Antrim two years to qualify the blocks for a full Exploration License.

The Antrim blocks are in an area of the Porcupine Basin which has seen some significant licensing activity particularly the recently announced farm-in by Repsol on the ExxonMobil operated Dunquin License. ExxonMobil along with its partners have recently agreed to enter a second phase of exploration on the Dunquin License which carries a firm well commitment to be drilled prior to November 2013. The Antrim award is immediately adjacent to and north of the Dunquin prospect.

The Porcupine Basin has large areas of potentially mature Jurassic oil source rocks and significant potential for Jurassic, Lower Cretaceous and Upper Cretaceous petroleum reservoirs in seismically defined but untested tilted fault blocks.