Antrim Completes Drilling of Appraisal Well in North Sea's Fyne Field

Antrim Energy Inc. has successfully drilled and completed its latest appraisal well, 21/28a-10z on the Fyne Field in the UK Central North Sea. A testing program has commenced with test results expected within the next 10 days.

Drilled with the semisub Transocean Prospect, the 21/28a-10z well is a sidetrack from the previously announced 21/28a-10 well which encountered net 32 ft oil pay in the Eocene Tay Sandstone. The new 21/28a-10z well drilled a net 60 ft oil pay in the same reservoir section. Log analysis indicates that the sidetrack penetrated a thick section of high quality oil bearing sandstone above the oil water contact. No water bearing zones were encountered in either well. Porosity in the Tay sandstone averages more than 30%. Permeability in the Tay sandstone in the original 21/28a-10 well was measured in excess of 1000 millidarcies.

"The drilling and completion operation on well 21/28a-10z has been successfully concluded with a gravel pack and screen over the oil pay section in the Tay reservoir," commented Stephen Greer, President and CEO. "This operation was completed on schedule and below budget. We now anticipate a testing period of between five and ten days."

The Fyne Field is on trend with several other Tay Fields in the area, including the West Guillemot, Pict and Saxon developments. Fyne is situated approximately 20 kilometres from existing infrastructure, which provides production services for several fields in the area.

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