Antrim Hits Payday in North Sea

Antrim announced preliminary results of drilling operations on the Antrim-operated Erne exploration well 21/29d-11 in the UK Central North Sea (Antrim working interest 50%).

The Erne Well has been drilled to a total depth of 5,562 feet. Preliminary estimates indicate a thick gross hydrocarbon column in excess of 50 feet was encountered in the Eocene Upper Tay Sandstone, including 20 feet of net oil pay and a separate ten feet of net gas pay with average porosity exceeding 30 percent and average hydrocarbon saturation of approximately 80 percent.

As planned, no flow test will be performed on this well. However, Antrim and partner Premier Oil UK Limited ("Premier", working interest 50%) have agreed to drill a sidetrack well from the pilot hole to further delineate the reservoir. Once operations at Erne are completed, the drilling rig WilPhoenix (MW semisub) will move to Block 21/28b and drill the nearby Carra Eocene Tay prospect (Antrim working interest 100%). Carra is expected to take approximately 23 days to drill.

Erne is situated between the Premier-operated Fyne Field (Antrim working interest 35.1%) and the West and Northwest Guillemot fields. Carra is immediately south of the Fyne Field and southwest of Erne. In addition to the Erne and Carra exploration wells, an appraisal well is scheduled to commence drilling in the eastern portion of the Fyne Field in Block 21/28a in December.

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