Antrim Increases Interest in Osprey Ridge Prospect

Antrim Energy has exercised its pre-emptive right to acquire an additional 39.2% working interest in UK North Sea License P.201 (Block 211/22a, "Osprey Ridge"). The acquisition will increase Antrim's interest in the Block from 18.4% to 57.6%. Closing of the purchase is expected to occur prior to the end of November 2004. The other current participants in the Block are ENI UKCS Limited (24%-Operator) and CNR International (UK) Limited (18.4%).

The Osprey Ridge Block in the East Shetland Basin of the North Sea is situated between the producing Cormorant and Dunlin oilfields, which to date have produced over 400 and 380 million barrels of oil respectively. Two discovery wells have been drilled on the Block, the most significant of which is 211/21a-3, which tested oil from three zones at a combined rate of 6,186 bopd from the Jurassic Brent interval (5,512 bopd from a single zone).

Antrim intends to evaluate additional drilling targets in the prolific sandstones of the Jurassic Brent Group, including the trends defined by the two discovery wells, with a view to drilling at least one well in 2005.

Stephen Greer, Chairman and CEO of Antrim said, "This acquisition again underscores our commitment to increase Antrim's presence in the UK North Sea. Block 211/22a contains two significant oil discoveries and Antrim will pursue both exploration and development opportunities related to these discoveries. We are very pleased to be able to secure a majority interest in this Block and continue with our strategy of growth in the U.K. North Sea."