Antrim Energy Awarded Five New Blocks in the United Kingdom's 25th Seaward Licensing Round
Source: ccnmatthews
CALGARY, ALBERTA--(Marketwire - Nov. 13, 2008) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
Antrim Energy Inc. ("the Company") (TSX:AEN) (AIM:AEY), today announces it has been
notified by the UK Department of Energy and Climate Change (DECC) that it has been offered five new
blocks in the UK North Sea in the 25th Seaward Licensing Round. The five new blocks were awarded to
Antrim on a 100% working interest basis and are in the Company's core areas of Causeway in the
Northern North Sea and Fyne in the Central North Sea.
"I am extremely pleased that we have been able to expand our position in the UK North Sea. We
have secured additional blocks adjacent to our Fyne property that have potential for further Tay
Sandstone oil discoveries," said Stephen Greer, President and CEO. "The five new blocks
are consistent with Antrim's strategy of maintaining operatorship, securing a high working interest
and being close to existing production infrastructure. These blocks fit very well into Antrim's
portfolio of North Sea assets in terms of their potential and stage of development."
In the Fyne area, where Antrim recently successfully drilled two wells plus three sidetracks into
the Eocene Tay Formation, the Company was successful in its bids for Blocks 21/24c, 21/28b and
21/29c. Block 21/24c is immediately northeast of Antrim's Fyne Field (Block 21/28a) and immediately
west - southwest of the Guillemot group of fields, which have produced over 60 million barrels of
oil to date from the Tay Formation. Blocks 21/28b and 21/29c are immediately south - southeast of
Fyne. These blocks are also on-trend and southwest of the Gannet group of fields, which have
produced over 260 million barrels of oil to date from the Tay Formation as well as other reservoirs.
With the addition of these three blocks, Antrim's acreage position in the Fyne area will increase
from 18,750 net acres to approximately 72,000 net acres.
In the Causeway area, where Antrim has successfully drilled six wells since 2006 and tested over
20,000 barrels of oil per day from the Middle Jurassic Brent Sandstones, Antrim was successful in
its bids for blocks 2/10a and 2/15b. The new blocks, situated approximately 40 kilometres southwest
of the Company's Causeway and Kerloch properties, in Blocks 211/22-23, offset the Cheviot field to
the north, west and south. Cheviot, formerly known as Emerald, produced 16 million barrels of oil
from 1992-96 from an Upper Jurassic sand and also contains 182 billion cubic feet of proved gas
reserves. The new blocks add approximately 105,000 net acres to Antrim's current 30,400 net acres of
Northern North Sea holdings in Causeway and Kerloch.
Blocks 21/28b and 21/29c are contiguous and subject to a single Traditional Licence, while Blocks
21/24c, 2/10a and 2/15b will be Promote Licences. No firm drilling commitments are associated with
any of the new blocks. Firm work programs involve seismic purchase or acquisition, processing and
interpretation. A drill or drop decision is required by the second anniversary of the Promote
Licences, while a decision on a contingent well is required within the four year initial term of the
Traditional Licence.
About Antrim:
Antrim Energy Inc. is a Canadian Calgary based high-growth junior oil and gas exploration and
production company with assets in the UK North Sea and Argentina. Antrim is listed on the Toronto
Stock Exchange (AEN) and on the London Stock Exchange's Alternative Investment Market (AEY). Visit
www.antrimenergy.com for more information.
Forward-Looking Statements
This news release contains certain forward-looking statements, which include assumptions with
respect to future plans, results and capital expenditures. Cumulative volumes are not necessarily
representative of future production volumes. 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, 2007 and
dated March 31, 2008 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.
Qualified Person Review
In accordance with AIM guidelines, Mr. Kerry Fulton, P. Eng and Chief Operating Officer of Antrim,
is the qualified person that has reviewed the technical information contained in this news
release.
