UK: Premier Oil Spuds East Fyne Appraisal Well

Antrim Energy Inc. today announced that it has been notified by operator Premier Oil UK Limited (“Premier”) that drilling operations have commenced on the East Fyne appraisal well in the UK Central North Sea block 21/28a (Antrim working interest 35.1%).

Well 21/28a-11 (the “East Fyne well”) is located in the eastern portion of the Fyne Field, an Eocene Tay oil accumulation located SW of and on trend with the producing NW Guillemot oil field. The well will be drilled at no cost to Antrim, with Antrim’s share of the costs carried by Premier under the terms of the Earn In Agreement between Premier and Antrim for the joint development of the Greater Fyne Area (announced 06 Oct. 2010).

Independent reserve evaluator McDaniel and Associates Ltd., in their reserve evaluation report dated 31 December 2010, assigned proved plus probable reserves of 21.2 million barrels of oil (“MMBO”) to the Fyne Field (net 7.4 MMBO to Antrim).

The East Fyne well is located approximately three kilometres from the recently announced  Erne Eocene Tay discoveries. Antrim expects the East Fyne appraisal well will be incorporated into a development plan for the Fyne Field and an overall strategy for the Greater Fyne Area.

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Offshore Energy Today Staff, January 16, 2012; Image: Antrim