Antrim announces development approval of the Cormorant East field in North Sea

11/23/2012

Antrim announces development approval of the Cormorant East field in North Sea

Antrim announced that a field development plan has been approved for the Cormorant East Field in North Sea Block 211/22a Contender Area , Antrim interest 8.4%. As previously announced , Antrim and partners successfully drilled well 211/21-N94 the "Contender Well" and penetrated a thick section of oil bearing sandstones in the Tarbert Formation of the Jurassic Brent , with excellent porosity and oil saturation and no water zone encountered. The discovery has been re named the "Cormorant East Field".

A field development plan  for the Cormorant East Field has been approved by the United Kingdom department of energy and climate change. The field development plan calls for the field to be initially produced under primary depletion, with the potential to install a water injection scheme at a later date.

Completion and tie in of the Contender Well is underway, with first oil anticipated before the end of the year. Production will be processed at the North Cormorant platform operated by TAQA Bratani  before being exported to the Sullom Voe terminal for sale. Other interests in the Contender Block are TAQA Bratani  60% , Dana Petroleum 20%, First Oil Expro 7.6% and Bridge Energy Enterprises 4%. Under the terms of the farm out agreement with TAQA Bratani , Antrim's working interest share of the drilling, completion and tie in costs were funded by TAQA Bratani  . Antrim's share of the completion and tie in costs will be recovered by TAQA Bratani  from production revenue.

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