Antrim announces first oil from the Cormorant East Field in UK Northern North Sea

Monday, Jan 14, 2013

Antrim today announces that first oil production has been achieved from the Cormorant East Field in UK Northern North Sea Block 211/22a Contender Area (the "Contender Block", Antrim interest 8.4%). The initial production rate is approximately 5,500 barrels of oil per day (net Antrim approximately 460 barrels of oil per day), with no water. First oil was achieved after only 85 days following discovery of the field.

The Cormorant East Field was discovered by Antrim and partners by exploration well 211/21-N94 (the "Contender Well"), as previously announced October 22, 2012. Production is being processed at the North Cormorant platform operated by TAQA Bratani Limited ("TAQA") before being exported to the Sullom Voe terminal for sale. Cormorant East is initially being produced under primary depletion with a single production well, with the potential to install a water injection scheme and/or additional production wells at a later date.

The operator's analysis of the field data indicates significant potential for upside, dependent on the reservoir response to the existing well. Further appraisal locations have been identified within the Cormorant East development area, both down-dip from the existing discovery well and in adjacent fault panels.

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 for the Contender Well were funded by TAQA. Antrim's share of the completion and tie-in costs will be recovered by TAQA from revenue from Antrim's share of initial production.

Source: Marketwire

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