CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - Aug. 25, 2011) -
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Antrim Energy Inc. (News - Market indicators) (AIM:AEY) ("Antrim"), is pleased to announce that Antrim, along with its current licence partners, has signed a farm-out agreement with TAQA Bratani Limited ("TAQA") relating to UKCS Licence P201 Block 211/22a North West Area (Antrim 21%) whereby TAQA has agreed to drill an exploration well to earn an interest in the licence.
Under the terms of the agreement, and subject to the approval of the UK Department of Energy and Climate Change ("DECC"), TAQA will assume operatorship and drill an exploration well on a prospect ("Contender") in the southern area of the block from the TAQA-operated Cormorant North Platform. The well will target the Jurassic Brent sequence of sandstones at a projected drilling depth of 16,900 feet, less than two kilometres east of the Cormorant North Field. The well, which is expected to spud in the first half of 2012, will be completely funded by TAQA.
If successful, TAQA will earn 60% interest in the southern area of the block (the "Contender sub-area") and 35% interest in the northern part (the "Kerloch sub-area"). Antrim's remaining interests will be 8.4% in the Contender sub-area and 13.65% in the Kerloch sub-area.
Block 211/22a North West Area is located approximately five kilometres west of Antrim's Causeway development in the UK Northern North Sea. In 2007, Antrim and partners drilled the Kerloch discovery well 211/22a-10 that penetrated an oil column approximately 116 feet thick in the Jurassic Ness Formation. The Kerloch well was suspended in early 2008 to allow potential re-entry and future use.
Stephen Greer, Antrim's CEO commented: "A successful Contender exploration well could be production tested using the existing facilities on the Cormorant North Platform and tied in at relatively low cost to existing long term production facilities without additional subsea engineering."
About Antrim Energy Inc.
Antrim Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada.
Antrim 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 in Argentina. 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 drilling, completion and testing of wells in the Kerloch licence. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "approximate", "projected" and "expected" and similar expressions, and the negatives thereof, whether used in connection with development plans 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 36 years operating experience in the upstream oil and gas industry.
