Antrim Farms Out Interest in Onshore Irish Block
Antrim has signed a farm out agreement, which will allow Avery Resources to earn up to 50% interest in Antrim's South Larne License, Northern Ireland, UK.
Antrim Energy, through its wholly owned UK subsidiary Antrim Resources (N.I.) Limited, currently holds a 75% working interest in the South Larne License. The onshore license is in the second year of a 5-year exploration term. To date, under Antrim's operatorship, 100kms of seismic data has been acquired in the region and a slim hole stratigraphic test has been drilled that penetrated the Triassic Sandstone beneath an extensive cover of Tertiary Basalt.
The South Larne UK License lies on a Triassic Sandstone trend which contains the 7.0 Tcf Morecambe Bay Gas Field in the East Irish Sea and the 1.0 Tcf Corrib Gas Field off the west coast of Ireland. It is anticipated that Avery Resources will contribute approximately $250,000 to the planned geophysical work to be completed prior to additional exploration drilling on the license.