Antrim UK North Sea Farm-out Finalized
Antrim has finalized a formal Farm-Out Agreement relating to Antrim's North Sea Block 211/22a. Under the Agreement, Dana Petroleum will earn a 54.79% working interest in the north and western areas of Antrim's block in exchange for funding 100% of the cost of an exploration well up to a gross cost of Pounds Sterling 5,750,000 (Cdn.$14 million dollars). Antrim will retain a 21% working interest in this area of the block.
Block 211/22a is situated between the producing Cormorant and Dunlin oilfields which to date have produced over 400 million and 380 million barrels of oil respectively. Dana intends to drill the 'Clachnaben' prospect in the northwest portion of the Block as part of its 2005 North Sea drilling program. A discovery well drilled in 1976 on the northwest portion of the block (211/22a-1) tested oil at a rate of 1,280 bopd.
- Enegi Mulls Newfoundland Divestment, Increased Stake in ABT (Aug 29)
- Antrim Energy Considering Selling Stake in Causeway Field (Nov 15)
- Production Resumes at Causeway, Cormorant East Fields (Oct 25)