Antrim Energy is a global oil and gas exploration and production firm based in Calgary in Canada. It has announced that the Fyne Field joint venture, in which Antrim holds 35.1%, is now purchasing the site study information and has signed a drill rig contract for the East Fyne appraisal/expansion well at Block 21/28a in UK Central North Sea.
The company has engaged the Sedco 704 rig. It is expected that the drilling will begin on September 2011 and the duration calculated for drilling operation is 28 days.
Antrim has planned the well to reduce the hazard for the eastern area of the Fyne Field and may be held on for future production in the field.
The well will be drilled at no cost to Antrim as per the former conditions in the deal, but the drilling cost, drilling completion or rejection will be deducted from Premier Oil UK’s carried contribution of up to US$50 million and to compensate all or a considerable portion of Antrim's expansion expenses to bring the Fyne Field into production.