Jul 14, 2005 - 02:05 ET Antrim Updates UK North Sea Operations

The Bredford Dolphin, semi-submersible drilling rig, has been contracted to drill Clachnaben, in the northwest portion of block 211/22a in the UK North S


Antrim Energy Inc. is pleased to provide an update on its upcoming drilling programme in the UK North Sea.

The Company expects drilling operations to commence in mid-September 2005, subject to regulatory and other approvals, on Antrim's UK North Sea Prometheus Prospect, Blocks 42/21 and 42/22 in the Southern Gas Basin. The Prometheus Prospect will target the prolific Permian Leman Sandstone close to and on trend with the Ravenspurn gas fields that contain at least 1.6 Tcf initial recoverable gas reserves. The Prometheus well, which is expected to cost approximately Pounds Sterling 5.5 MM (Cdn. $12.0 MM), will be drilled to target depth at no cost to Antrim. Antrim's interest at the conclusion of the drilling operation will be 17.5%.

Drilling operations on Antrim's second well, "Clachnaben", in the northern sector of the UK North Sea are expected to commence in October 2005. The Clachnaben well will target the oil prone Jurassic Brent Sandstone in Block 211/22a adjacent to the Cormorant oil field and related export infrastructure. Dana Petroleum plc, the licence operator, has contracted the Bredford Dolphin semi-submersible drilling rig to drill the well. If drilling is successful, it is envisaged that a fast-track subsea tie-back development would be pursued jointly with the adjacent 211/22a-1 discovery which was drilled in 1977 and flowed 1280 bpd of 31 degree API oil. At that time, the 211/22a-1 well was plugged and abandoned as being uneconomic. Under a farmout agreement with Dana, the Clachnaben well will be drilled to the target formation at no cost to Antrim. Antrim's interest at the conclusion of the drilling operation will be 21%.

Under the Dana farm-out agreement, and following the conclusion of drilling operations on Dana's earning well, Antrim will increase its working interest from 75.794% to 79% in the southeast portion of the block which includes the prospective Osprey Ridge area. A discovery well (211/22a-3) drilled in 1984 on this portion of the block tested oil at 5,512 bpd from the Jurassic Brent reservoir. This well was also plugged and abandoned as it was considered uneconomic at that time.

Antrim's third drilling operation in the UK North Sea, the "Bennachie" prospect, is also expected to commence in the 4th Quarter 2005. The Bennachie well, operated by Nexen Petroleum U.K. Limited, will target the Jurassic Fulmar Sandstone approximately 1.5 kms from the original Bennachie discovery well 21/15a-2 which tested high quality 39 degree API oil at a stabilized rate of 4364 barrels per day and 2.67 MMcf/d of associated gas. Antrim will earn a 25% interest in the licence, including the original Bennachie discovery well. Gross drilling costs are expected to be approximately Pounds Sterling 7.8MM (Cdn. $17.4 MM).

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.

Detailed information and updates about Antrim can be accessed on its


The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 


Antrim Energy Inc.
Stephen Greer
President & CEO
+1 (403) 264 5111
+1 (403) 264 5113 (FAX)


Antrim Energy Inc.
Dr. Gerry Orbell
Chairman of the Board
+44 1372 371 100
+44 1372 371 056 (FAX)