CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - July 7, 2011) -
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Antrim Energy Inc. (News - Market indicators) (AIM:AEY) ("Antrim"), an international oil and gas exploration and production company, is pleased to announce it has signed a Heads Of Agreement (HOA) to farm out a portion of its Erne Prospect located in the Greater Fyne Area in the Central North Sea.
Premier Oil UK Limited (Premier) has agreed to earn a 50% working interest in Antrim's 100% owned Licence P1875 by funding a promoted share of the costs to drill a well on the Erne Prospect on Block 21/29d. The well is expected to commence drilling in the third quarter of 2011 as part of the Greater Fyne Area drilling programme announced by Antrim on March 28, 2011. A contract has been signed with AGR Well Management Limited to provide well project management and drilling services, including the provision of the WilPhoenix semi-submersible drilling rig, and a site survey has been completed.
The Erne Prospect is an Eocene Tay Formation oil prospect located between the Fyne and Guillemot NW fields at a drilling depth of approximately 6,000 feet. Erne is analogous to the Guillemot NW Field, which produces oil from the Eocene Tay Formation.
The Erne farmout is part of Antrim's strategy of managing risk and reducing cost while maintaining significant interest in its North Seas properties.
Assignment of the licence interest to Premier will be subject to approval by the UK Department of Energy and Climate Change (DECC).
As previously announced on April 04, 2011, Antrim and Premier, along with First Oil Expro Limited, will also collaborate on the drilling of an appraisal well on the eastern flank of the Fyne Field, Licence P077 Block 21/28a. The East Fyne well is anticipated to be spud in Q4 2011.
About Antrim Energy Inc.
Antrim Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada.
Antrim's is pursuing 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.
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 regarding the timing of the drilling of a well for the Erne Prospect and Fyne Appraisal well. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "anticipate", "expects", "estimates" and similar expressions, and the negatives thereof, whether used in connection with drilling activity, reserves of neighboring properties 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. Terry Lederhouse, P. Eng and Vice President, Commercial of Antrim is the qualified person that has reviewed the technical information contained in this news release. Mr. Lederhouse has over 35 years operating experience in the upstream oil and gas industry.
