OTCPK:ATGYF - Post by User
Post by
energeeon Jul 08, 2011 11:53am
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Post# 18810871
Farmout = Expensive well at no cost
Farmout = Expensive well at no costPretty simple really - and good business... Good for them.
"AntrimEnergy (AEY LN; 76.5p):signed a heads of agreement to farm out a portion of its Erne Prospect locatedin the Greater Fyne Area in the Central North Sea to Premier Oil (PMO LN;449.6p) which agreed to earn a 50% WI in AEY's 100% owned Licence P1875 byfunding a promoted share of the costs to drill a well on the Erne Prospect onBlock 21/29d. The well is expected to commence drilling in Q3/11 as part ofAEY's Greater Fyne Area drilling program."