Antrim Energy Oil Discovery in North Sea Has Positive Impact Shares

Antrim, an international oil and gas exploration and production company headquartered in Calgary, Canada,  announced preliminary results of drilling operations on the Antrim-operated Erne exploration well 21/29d-11 in the UK Central North Sea. Antrim holds a 50% working interest in the project. Further tests will outline the commercial potential of the Erne exploration. On Wednesday the stock prices confirmed the positive discovery and rose by almost 6%.

The Erne Well has been drilled to a total depth of 5,562 feet. Preliminary estimates indicate a thick gross hydrocarbon column in excess of 50 feet was encountered in the Eocene Upper Tay Sandstone, including 20 feet of net oil pay and a separate ten feet of net gas pay with average porosity exceeding 30 per cent and average hydrocarbon saturation of approximately 80 per cent.

As planned, no flow test will be performed on this well. However, Antrim and partner Premier Oil UK Limited (working interest 50%) have agreed to drill a sidetrack well from the pilot hole to further delineate the reservoir. Once operations at Erne are completed, the WilPhoenix drilling rig will move to Block 21/28b and drill the nearby Carra Eocene Tay prospect (Antrim working interest 100%). Carra is expected to take approximately 23 days to drill.

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Offshore Nieuws Staff, 1 December 2011, Image Antrim Energy