Antrim Energy Inc. reported that, under the terms of the Joint Operating Agreement (the "JOA"), Antrim will acquire an additional twenty-five percent (25%) working interest and associated reserves in UK Central North Sea licence P077 Block 21/28a (the "Fyne Licence") from First Oil Expro Limited (First Oil) at no cost.
Antrim's working interest in the Fyne Licence will increase to 100%, contingent on approval from the UK Department of Energy and Climate Change ("DECC"). This follows First Oil's notice to the other partners in the licence of their intention to withdraw. Antrim recently acquired the working interest of Premier Oil UK Limited, subject to DECC approval (as announced on April 12, 2012). Upon DECC approval of the working interest changes, Antrim intends to submit a Field Development Plan ("FDP") for the Fyne Field using a small floating SPAR system.