Antrim Starts Offshore Operations in Australia
9/28/04
YA BABY!
CALGARY, ALBERTA and LONDON, UNITED KINGDOM, Sep 28, 2004 (CCNMatthews via COMTEX) --
(TSX: AEN)(AIM: AEY)
Antrim Energy Inc. ("Antrim") has been advised by The Peak Group, who are managing Antrim's drilling operations in Australia, that Transocean's semi-submersible drilling platform, Sedco 703, has been released by Woodside to Antrim. Mobilization and anchoring of the platform is expected to take, weather permitting, approximately 3 days. Drilling operations are anticipated to begin within 48 hours of the rig being secured at the South Galapagos #1 location.
The South Galapagos #1 well is to be drilled on Permit WA-306-P on the NorthWest Shelf of Australia. The well is to be drilled in 344 meters of water to a projected depth of 3,772 meters subsea in the Jurassic section. Drilling time to total depth is estimated to be 32 days. In August 2004 Antrim announced an agreement whereby ONGC Videsh Limited ("OVL") will earn a 55% working interest in the permit by funding 80% of the gross well cost up to USD$9.0 million. Antrim is Operator of the project and will retain a 32.5% working interest in the permit. The remaining 12.5% working interest is held by Magellan Petroleum (WA) Pty. Ltd.
Certain statements contained in this press release may be considered as "forward looking". Such "forward looking" statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results.
Updated information about Antrim can be accessed on its website: www.antrimenergy.com
Antrim Energy Inc.Stephen Greer Chairman & CEO(403) 264 5111(403) 264 5113 (FAX)Email: greer@antrimenergy.comorAntrim Energy Inc.Keith Skipper Executive Vice-President(403) 264 5111(403) 264 5113 (FAX)Email: skipper@antrimenergy.comWebsite: www.antrimenergy.com
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K.D.
