Antrim Announces Spud of East Fyne Appraisal Well, UK North Sea
CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - Jan. 16, 2012) -
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Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim" or the "Company"), Antrim, an international oil and gas exploration and production company headquartered in Calgary, Canada, today announced that it has been notified by operator Premier Oil UK Limited ("Premier") that drilling operations have commenced on the East Fyne appraisal well in the UK Central North Sea block 21/28a (Antrim working interest 35.1%).
Well 21/28a-11 (the "East Fyne well") is located in the eastern portion of the Fyne Field, an Eocene Tay oil accumulation located SW of and on trend with the producing NW Guillemot oil field. The well will be drilled at no cost to Antrim, with Antrim's share of the costs carried by Premier under the terms of the Earn In Agreement between Premier and Antrim for the joint development of the Greater Fyne Area (announced 06 Oct. 2010).
Independent reserve evaluator McDaniel and Associates Ltd., in their reserve evaluation report dated 31 December 2010, assigned proved plus probable reserves of 21.2 million barrels of oil ("MMBO") to the Fyne Field (net 7.4 MMBO to Antrim).
The East Fyne well is located approximately three kilometres from the recently announced (30 Nov. and 22 Dec. 2011) Erne Eocene Tay discoveries. Antrim expects the East Fyne appraisal well will be incorporated into a development plan for the Fyne Field and an overall strategy for the Greater Fyne Area.
Additional information concerning Antrim Energy is available at www.antrimenergy.com. Investor inquiries may be directed to email@example.com or 1-403-264-5111.
Some of the statements in this announcement may be forward-looking including statements relating to the expected length of drilling time. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "anticipate", "expect", "approximate" and similar expressions, whether used in connection with drilling activity, development of Fyne 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. Kerry Fulton, P. Eng and Vice President Operations of Antrim, is the qualified person that has reviewed the technical information contained in this news release. Mr. Fulton has over 30 years operating experience in the upstream oil and gas industry.
FOR FURTHER INFORMATION PLEASE CONTACT:
Antrim Energy Inc. Stephen Greer President & CEO (403) 264-5111 (403) 264-5113 (FAX) firstname.lastname@example.org
Antrim Energy Inc. Scott Berry Manager, Investor Relations (403) 264-5111 (403) 264-5113 (FAX) email@example.com
Antrim Energy Inc. Kerry Fulton Vice President Operations (403) 264-5111 (403) 264-5113 (FAX) firstname.lastname@example.org
RBC Europe Limited Martin Eales +44 (0) 20 7029 7881
INDUSTRY: Energy and Utilities-Oil and Gas SUBJECT: OEX
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