Antrim Energy Inc. , an international oil and gas exploration and production company, announces that the Fyne Field joint venture (Antrim 35.1%), is presently acquiring site survey data and has signed a rig contract to drill the East Fyne appraisal/development well in Block 21/28a, UK Central North Sea.
The contracted rig is the Sedco 704. Drilling is expected to commence in September 2011, with an estimated drilling operation duration of 28 days.
The well is designed to de-risk the eastern extent of the Fyne Field and may be retained for future production from the field. Under the conditions of the previously announced transaction (October 6th, 2010), the well will be drilled at no cost to Antrim. The cost of drilling, completion and/or abandonment will be deducted from Premier Oil UK’s carried contribution of up to US$50 million, assigned to offset all or a significant portion of Antrim’s development expenses to bring the Fyne Field to production.
About Antrim Energy Inc.
Antrim Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada.
Antrim’s strategy is to pursue a strategy of balancing longer term and capital-intensive investments in the UK North Sea with shorter investment cycle on-shore exploration and production opportunities. Antrim also considers other global exploration opportunities as they arise.
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Source:Antrim , May 9, 2011