Antrim announces development approval of the Cormorant East field in UK Northern North Sea

Thursday, Nov 22, 2012

Antrim today announced that a Field Development Plan ("FDP") has been approved for the Cormorant East Field in UK Northern North Sea Block 211/22a Contender Area (the "Contender Block", Antrim interest 8.4%).

As previously announced (October 22, 2012), Antrim and partners successfully drilled well 211/21-N94 (the "Contender Well") and penetrated a thick section of oil-bearing sandstones in the Tarbert Formation of the Jurassic Brent Group, with excellent porosity and oil saturation and no water zone encountered. The discovery has been re-named the "Cormorant East Field". A FDP for the Cormorant East Field has been approved by the UK Department of Energy and Climate Change ("DECC"). The FDP calls for the field to be initially produced under primary depletion, with the potential to install a water injection scheme at a later date.

Completion and tie-in of the Contender Well is underway, with first oil anticipated before the end of the year. Production will be processed at the North Cormorant platform operated by TAQA Bratani Limited ("TAQA") before being exported to the Sullom Voe terminal for sale. Other interests in the Contender Block are TAQA 60% (Operator), Dana Petroleum (E&P) Limited 20%, First Oil Expro Limited 7.6% and Bridge Energy Enterprises Limited 4%. Under the terms of the farm-out agreement with TAQA, Antrim's working interest share of the drilling, completion and tie-in costs were funded by TAQA. Antrim's share of the completion and tie-in costs will be recovered by TAQA from production revenue.

Additional information concerning Antrim Energy Inc. is available at www.antrimenergy.com. Investor inquiries may be directed to info@antrimenergy.com or 1-403-264-5111.

Source: Marketwire

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