CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - Feb. 6, 2012) -
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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 results from the East Fyne appraisal well in the UK Central North Sea block 21/28a (Antrim working interest 35.1%) and progress in the development of the Causeway Field in UK Northern North Sea Block 211/22a South East Area (Antrim working interest 35.5%).
Well 21/28a-11 (the "East Fyne well") was drilled to a total depth of 5,020 feet 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 encountered approximately 24 feet of gas bearing sand in the Upper Tay formation and eight feet of oil bearing sand in the Middle Tay formation, with no oil-water contact identified. Very good reservoir quality was encountered in both the Upper and Middle Tay, with porosities in the range of 31 - 33%, oil saturations in the Middle Tay of approximately 78%, and high permeabilities in the multi-darcy range. Oil samples were collected and oil quality is currently being analyzed.
The thickness of the oil bearing sand is at the lower end of the pre-drill estimate and the well is being plugged and abandoned.
The joint venture partners will now incorporate the results of the East Fyne well and possible adjustment to internally estimated reserves into their analysis of field development options for the Fyne Field.
Field development is proceeding in the Causeway Field. A field development plan ("FDP") has been approved by the UK Department of Energy and Climate Change ("DECC"), as previously announced on December 28, 2011. A lump sum contract with a value of approximately £33 million was awarded by Operator Valiant Causeway Limited to French contractor Technip for engineering, procurement, installation and commissioning of rigid and flexible pipelines, subsea equipment and umbilicals. The Borgsten Dolphin semi-submersible rig has been contracted to complete the existing production and water injection wells in the field. Hydrocarbons will be transported to and processed at the Cormorant North platform operated by TAQA Bratani Limited, before being exported to the Sullom Voe terminal for sale. First oil remains on-track for the third quarter of 2012.
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 Statements
Some of the statements in this announcement may be forward-looking including statements relating to the drilling results. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "approximate", "estimate" and similar expressions, whether used in connection with drilling activity or otherwise, 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. 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 Annual Information Form for the year ended December 31, 2010 and dated March 28, 2011 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 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.
