News

Dec 1, 2003 - 13:28 ET Antrim Energy Inc. Announces Plans for Drilling in Australia

CALGARY, ALBERTA--Antrim Energy Inc. ("Antrim") is pleased to 
report that it has begun preparations to drill an offshore 
exploration well located on the North West Shelf of Australia. 
Antrim has entered into a contractual arrangement with Magellan 
Petroleum (W.A.) Pty Ltd., whereby Antrim will fund 100% of the 
cost of the first well to retain a 87.5% working interest in the 
WA-306-P permit. Antrim will immediately commence contractual 
negotiations with third parties to secure management of the 
drilling project and a drilling rig. The well will be drilled to 
a minimum depth of 3700 metres in 300 metres water depth. Antrim 
and Magellan will each continue to hold a 50% working interest in 
the adjacent permit, WA-307-P. Oil discoveries in this area are 
most often fast-tracked to production using floating production 
facilities. 

The agreement with Magellan enables Antrim to take direct control 
over exploration of a significant portion of an 80 km trend of 
prospects identified on permits WA-306-P and WA-307-P. The 
results of Antrim's recent 2003 seismic survey has upgraded the 
prospectivity of this trend resulting in the confirmation of 
several attractive drilling prospects. The initial well will 
target oil in the South Galapagos prospect, a significant 
'four-way closed' structure in the Jurassic Lower Vulcan and 
Plover Formations. The Jurassic formations on the North West 
Shelf host individual fields up to 180 Million barrels of 
recoverable oil and up to 20 Tcf of gas. The South Galapagos 
prospect lies 200 km southwest of the 20 Tcf and 300 Million 
barrel condensate Scott Reef/Brecknock Fields. 

Stephen Greer, Chairman and Chief Executive Officer of Antrim 
commented: "Antrim is extremely pleased to announce this 
agreement with Magellan and our accelerated drilling plans for 
Australia. This is the beginning of a new phase in the growth of 
Antrim as a global explorer. The drilling activity in Australia 
will compliment other 2004 operations planned in the UK, 
Argentina and Tanzania." 

Certain statements contained in this press release may be 
considered as "forward looking". Such "forward looking" 
statements are subject to risks and uncertainties that could 
cause actual results to differ materially from estimated or 
implied results. 

Updated information about Antrim can be accessed on its website: 
www.antrimenergy.com 

FOR FURTHER INFORMATION PLEASE CONTACT:

Antrim Energy Inc.
Stephen Greer
Chairman & CEO
(403) 264-5111
Email: greer@antrimenergy.com

or

Antrim Energy Inc.
Keith Skipper
Executive Vice President
(403) 264-5111
(403) 264-5113 (FAX)
Email: skipper@antrimenergy.com
Website: www.antrimenergy.com