Premier Oil will earn a 50% working interest in Antrim’s 100% owned Licence P1875
by funding a promoted share of the costs to drill a well on the Erne Prospect on Block 21/29d.
Drilling of the well is expected to commence in the third quarter of 2011 as part of the Greater Fyne Area drilling program announced by Antrim in March this year.
AGR Well Management will provide well project management and drilling services, including the provision of the WilPhoenix semi-submersible drilling rig.
Erne is an Eocene Tay Formation oil prospect located between the Fyne and Guillemot NW fields at a drilling depth of about 6,000ft.
The prospect is analogous to the Guillemot NW Field, which produces oil from the Eocene Tay Formation.
Assignment of the license interest to Premier will be subject to approval by the UK Department of Energy and Climate Change.
