Central North Sea - Fyne

 

Fyne represents Antrim’s core properties.

Antrim has successfully drilled and established 17 million barrels (P2) in the region.  The wells in the region have tested between 3600 and 4000 BOPD. 

Antrim is currently in the process of undertaking the work required to bring Fyne on stream.  Fyne is expected to be producing by 2012. It is expected that Fyne will produce (net to Antrim) approximately 14,500 barrels per day, adding significantly to the company’s cash flow position.

“Greater Fyne” offers tremendous expansion opportunities as well, and to this effect, the company has pursued and been awarded a number of adjacent and surrounding blocks.  These blocks surround the “Guillemot fields” operated by Petro Canada, which contain upwards of 60 million barrels per field. These fields have proven to be prolific producers with average decline levels of only 15%.  Antrim owns 100% of the blocks in the “Greater Fyne” area.

The projected cost to first oil is $150 million dollars (net to Antrim).  Antrim has been in discussions with potential industry partners who could potentially assist financially in bringing the field on stream by 2012.

Antrim’s strategy for the region is to continue to drill and develop the greater Fyne and Dandy fields.

Field Snapshot

  • This field contains the Fyne oil field, the Dandy oil pool, and the Area 4 discovery that lies between the two. The water depth in this block is approximately 360 feet.
  • The existing discoveries on the Block recovered sweet medium gravity oil & gas.
  • The Eocene Tay reservoir sands are encountered at shallow depths (3,500-5,000 ft).

Activity

  • Antrim acquired a 75% WI in the property in 2006
  • New high resolution 3D seismic was acquired in June 2007 and has proven a high level of predictability over this very permeable Tay sand.
  • In 2008, Antrim drilled well 21/28a-9 (pilot and 2 sidetracks) and well 21/28a-10 (pilot and 1 sidetrack) in the Fyne field. Reservoir continuity and fluid contacts were confirmed, and well 21/28a-10z was successfully tested at up to 4,000 bopd.
  • A Field Development Plan ("FDP") is currently being prepared for submission to the Department of Energy and Climate Change ("DECC") in the U.K.
  • Antrim was awarded Blocks 21/28b, 21/29c and 21/24b&c in the 25th licensing round in the UK N. Sea. Antrim owns 100% of these blocks.

AREA: 25,000 Gross Acre

Participants

Antrim* 75%
First Oil Expro Limited 25%
*Operator