Antrim Energy buying stake in North Sea's Osprey Ridge license

By OGJ editors
HOUSTON -- Antrim Energy Inc., Calgary, agreed to purchase an 18.4% interest in the UK North Sea license P.201 from ConocoPhillips (UK) Theta Ltd. The license includes Osprey Ridge Block 211-22a in the East Shetlands.

Closing is expected before July 31, and terms of the deal were withheld. ENI UKCS Ltd. is the operator with 24% interest. Other license participants are Canadian Natural Resources International (UK) Ltd. 18.4%, and Marabeni Oil and Gas (UK) Ltd. 39.2%.

The area defined by Block 211-22a had been designated as fallow under UK's initiatives to encourage new entrants to the North Sea.