CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - Oct. 22, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
Antrim Energy Inc. (News - Market indicators) (AIM:AEY) ("Antrim" or the "Company")
Antrim, an international oil and gas exploration and production company headquartered in Calgary, Canada, today announced preliminary results of drilling operations from well 211/21-N94 (the "Contender Well") in UK Northern North Sea Block 211/22a Contender Area (the "Contender Block", Antrim interest 8.4%).
The Contender Well has been drilled to a total drilling depth of 16,903 feet (11,550 feet true vertical depth) by Operator TAQA Bratani Limited ("TAQA") from the TAQA-operated North Cormorant production platform. Preliminary estimates indicate a net oil pay in excess of 60 feet was encountered in the Tarbert member of the Jurassic Brent sandstones, with greater than expected porosity and hydrocarbon saturation. The total Brent oil column exceeded 112 feet, with no water bearing sands identified. Further reservoir evaluation is being undertaken. Should the discovery be commercial, the field will be developed under the name 'Cormorant East' and production will be processed through the North Cormorant platform.
Under the terms of a farmout agreement (as previously announced on August 25 2011), Antrim retained an 8.4% interest in the Contender Block. Other interests are TAQA 60%, Dana Petroleum (E&P) Limited 20%, First Oil Expro Limited 7.6% and Bridge Energy Enterprises Limited 4%. With the successful drilling of the Contender Well, TAQA also earned a 35% interest in the adjacent Block 211/22a Kerloch Area, with Antrim retaining a 13.65% interest.
Operations to achieve first oil from the Causeway Field (UKNS Block 211/23d, Antrim 35.5% WI) have experienced minor delays due to adverse weather conditions in the North Sea. All subsea work is now complete and topsides commissioning at the North Cormorant platform is underway, with first oil anticipated in early November 2012.
The Cyclone exploration well, operated by Premier Oil UK Limited in Block 21/7b (Antrim 30%), is expected to spud in November 2012. The well will target the Tertiary Cromarty sandstone at approximately 5,000 feet true vertical depth.
Additional information concerning Antrim Energy Inc. is available at www.antrimenergy.com. Investor inquiries may be directed to info@antrimenergy.com or 1-403-264-5111.
Forward-Looking and Cautionary Statements
Some of the statements in this announcement may be forward-looking including statements relating to Antrim's business plans for testing, completing and producing from the Cormorant East Well, statements regarding anticipated first oil from Causeway, and statements regarding expected timing of the Cyclone well. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "estimate", "approximate" and similar expressions are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements, including without limitation, unanticipated delays with respect to the testing, completing and producing from the Cormorant East Well. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Antrim's control. Please refer to Antrim's Amended and Restated Annual Information Form for the year ended December 31, 2011 and dated March 26, 2012 and available for viewing at www.sedar.com, for a list of risk factors. Antrim's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Antrim will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Antrim or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release.
In accordance with AIM guidelines, Mr. Kerry Fulton, P. Eng and Vice President of Operations of Antrim, is the qualified person that has reviewed the technical information contained in this news release. Mr. Fulton has over 30 years operating experience in the upstream oil and gas industry.
