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Antrim announces first production from Cormorant East field in UK North Sea

LONDON -- Antrim announced that first oil production has been achieved from the Cormorant East field in United Kingdom Northern North Sea block 211/22a Contender area with Antrim interest at 8.4%. The initial production rate is approximately 5,500 bopd 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 as previously announced October 22, 2012. Production is being processed at the North Cormorant platform operated by 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 additional production wells at a later date.

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 20%, First Oil Expro 7.6% and Bridge Energy 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.



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