Antrim Energy Inc.
TSX : AEN
AIM : AEY

Antrim Energy Inc.

December 21, 2007 02:00 ET

Antrim UK North Sea Oil Discovery and Operations Update

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - Dec. 21, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.

Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim"), an international oil and gas exploration and production company, today announced an update of activities in the UK North Sea.

The non-operated Kerloch well 211/22a-10 (Antrim WI 21%) in the northern North Sea was drilled to a total depth (TD) of 12,282 feet and encountered a full Brent reservoir sequence, as predicted prior to drilling. The top of the Brent sandstone section came in approximately 60 feet high to prognosis. The majority of the Brent sequence was successfully cored and extensive electric wireline logging operations are ongoing and near completion.

The well discovered an oil column of approximately 116 feet in the Ness Formation and a number of oil samples were taken. The crude oil gravity is approximately 32 degrees API with a gas-oil ratio consistent with other discoveries in the area. The Kerloch well was designed as a finder well with a long open hole section being drilled to TD. In consideration of the comprehensive data that has been collected, including cores, wireline logs, reservoir pressure measurements and fluid samples, the well will not be flow tested, as this would add significant cost and technical risk. There have been a considerable number of tests of the Brent sands in neighbouring wells in the area, including the 2006 East Causeway 211/23d-17z well in the immediately adjacent block which flowed from the Ness Formation at stabilized rates of up to 7,500 barrels of oil per day (bopd). The Kerloch well will be suspended to allow potential re-entry and future use.

Antrim also reported that Senergy Ltd. has been appointed to compile a Field Development Plan (FDP) for the adjacent Causeway Field (Antrim WI 65.5%). Senergy, an Aberdeen-based integrated oil and gas consulting company specializing in field development, recently completed a similar FDP assignment for a Brent reservoir development in a nearby field. The Causeway FDP is expected to be presented to the UK regulatory authorities in early 2008.

In the central North Sea, Antrim is proceeding with an appraisal program on the Fyne Field in Block 21/28a (Antrim WI 75%). The Fyne drilling program is on schedule and expected to start in late February using the Transocean Prospect, the semi-submersible drilling platform employed in Antrim's successful 2007 drilling program on the Causeway Field. Continuing on from the high resolution 3-D seismic program acquired in May this year, the Fyne drilling program will target the Eocene Tay sandstone reservoir at approximately 4,500 ft., close to the Fyne discovery well 21/28a-2 which tested at rates up to 3,600 bopd. Antrim plans to drill a near vertical pilot well and several lateral wells within the discovered oil column. The Fyne Field is located approximately 12 km southwest of the 65 MM bbl Guillemot Field, which also produces from the Eocene Tay and Jurassic Fulmar sandstones.

As previously announced on 21 November 2007, Antrim will commence its summer North Sea drilling program using the Transocean Prospect starting in June 2008.

About Antrim:

Antrim Energy Inc. is an international oil and gas exploration and production company headquartered in Calgary, Alberta, Canada. Antrim's objective is to create significant wealth for its shareholders through the discovery, production and sale of oil and gas. Antrim's production and exploration operations are centered in Argentina and its high impact oil and gas exploration is focused in the United Kingdom. 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, 2006 and dated March 30, 2007 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.

Contact Information

  • Antrim Energy Inc.
    Stephen Greer
    President & CEO
    (403) 264-5111
    (403) 264-5113 (FAX)
    Email: greer@antrimenergy.com
    or
    Antrim Energy Inc.
    Kerry Fulton
    Chief Operating Officer
    (403) 264-5111
    (403) 264-5113 (FAX)
    Email: fulton@antrimenergy.com
    Website: www.antrimenergy.com
    or
    Nominated Adviser on AIM:
    Nabarro Wells & Co. Limited
    Marc Cramsie/Robert Lo
    +44 20 7710 7400