Antrim Suspends Fyne Well as Future Oil Producer

Antrim Energy Inc., an international oil and gas exploration and production company, reported that the Fyne well 21/28a-9 (Antrim WI 75% and operator) in the UK central North Sea is to be suspended as a future oil producer.

As previously reported on April 8, 2008, Transocean Prospect drilled the 21/28a-9 well as planned with three legs, one pilot hole and two sidetracks into the Eocene Tay Sandstone, each leg encountering a significant hydrocarbon column. A drill stem test (DST) was attempted on the third and final leg 21/28a-9y, but was terminated early due to mechanical failure which resulted in an influx of sand, formation oil and oil-based drilling fluid into the wellbore. Subsequent fluid flow into the formation was recorded at rates up to 3,360 barrels per day. As an alternative to the DST, an injectivity test was conducted with base oil at 4,320 bopd at 890 psi.

"The estimated future production rate is expected to be higher than the flow rates recorded from the adjacent well 21/28a-2 which previously flowed at 3,600 bopd from 31 ft of net oil pay in poorer reservoir quality sandstone," said Stephen Greer, President and CEO. "The reservoir sandstones encountered in Antrim's 28/21a-9 well have exceptionally high measured values of porosity (33%) and permeability (exceeding 1000 mD)."

No uncontaminated oil was recovered from the aborted DST but reservoir oil recovered from the successful Modular Formation Dynamics Test was analyzed and shown to have an API of 25 degrees with a viscosity very similar to the viscosity of Tay Formation oil from the producing fields in the proximity of Fyne.

Full analysis of the log and test data from 21/28a-9y has led to an upward revision of the net oil pay thickness from the previously reported 52 ft True Vertical Depth (TVD) net oil pay and 35 ft net gas pay to 65 ft net oil pay and 30 ft net gas pay. As designed, the well was drilled at a 60 degree angle resulting in wellbore measured thicknesses of 120 ft net oil pay and 47 ft net gas pay.

The reservoir information collected from this operation will be supplied to independent engineering evaluator McDaniel & Associates to produce an updated reserve report on the field.

Antrim expects to accelerate the Fyne appraisal and development using the contracted Transocean Prospect which is scheduled to begin a multi-well drilling program for Antrim in June this year. Two additional wells are planned on the field before the company submits an application to the UK regulatory authorities for development approval. Assuming approval is granted, no further wells are anticipated on the field and first production is targeted for as early as 2010.

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